ProShares Trust II 10-Q

10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2025 . or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from      to      . Commission file number: 001-34200 PROSHARES TRUST II (Exact name of registrant as specified in its charter) Delaware 87-6284802 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) c/o ProShare Capital Management LLC 7272 Wisconsin Avenue , 21 st Floor Bethesda , Maryland 20814 (Address of principal executive offices) (Zip Code) ( 240 ) 497-6400 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered ProShares Short VIX Short-Term Futures ETF SVXY Cboe BZX Exchange ProShares Ultra Bloomberg Crude Oil UCO NYSE Arca ProShares Ultra Bloomberg Natural Gas BOIL NYSE Arca ProShares Ultra Euro ULE NYSE Arca ProShares Ultra Gold UGL NYSE Arca ProShares Ultra Silver AGQ NYSE Arca ProShares Ultra VIX Short-Term Futures ETF UVXY Cboe BZX Exchange ProShares Ultra Yen YCL NYSE Arca ProShares UltraShort Bloomberg Crude Oil SCO NYSE Arca ProShares UltraShort Bloomberg Natural Gas KOLD NYSE Arca ProShares UltraShort Euro EUO NYSE Arca ProShares UltraShort Gold GLL NYSE Arca ProShares UltraShort Silver ZSL NYSE Arca ProShares UltraShort Yen YCS NYSE Arca ProShares VIX Mid-Term Futures ETF VIXM Cboe BZX Exchange ProShares VIX Short-Term Futures ETF VIXY Cboe BZX Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒  Yes  ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒  Yes  ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes  ☒  No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒ Yes ☐ No As of November 4, 2025, the registrant had 164,098,328 shares of common stock, $0 par value per share, outstanding. Table of Contents PROSHARES TRUST II Table of Contents Page Part I. FINANCIAL INFORMATION Item 1. Financial Statements (unaudited). Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 1 Item 3. Quantitative and Qualitative Disclosures About Market Risk. 49 Item 4. Controls and Procedures. 62 Part II. OTHER INFORMATION Item 1. Legal Proceedings. 64 Item 1A. Risk Factors. 64 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 64 Item 3. Defaults Upon Senior Securities. 67 Item 4. Mine Safety Disclosures. 67 Item 5. Other Information. 67 Item 6. Exhibits. 68 Table of Contents Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index Documents Page Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows: ProShares Short VIX Short-Term Futures ETF F-1 ProShares Ultra Bloomberg Crude Oil F-6 ProShares Ultra Bloomberg Natural Gas F-11 ProShares Ultra Euro F-16 ProShares Ultra Gold F-21 ProShares Ultra Silver F-26 ProShares Ultra VIX Short-Term Futures ETF F-32 ProShares Ultra Yen F-37 ProShares UltraShort Bloomberg Crude Oil F-42 ProShares UltraShort Bloomberg Natural Gas F-46 ProShares UltraShort Euro F-51 ProShares UltraShort Gold F-56 ProShares UltraShort Silver F-62 ProShares UltraShort Yen F-66 ProShares VIX Mid-Term Futures ETF F-71 ProShares VIX Short-Term Futures ETF F-76 ProShares Trust II F-81 Notes to Financial Statements F-85 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 89,765,603 and $ 24,931,067 , respectively) $ 89,767,081 $ 24,937,875 Cash 78,661,691 160,200,226 Segregated cash balances with brokers for futures contracts 75,461,358 80,953,814 Receivable on open futures contracts 2,056,421 806,556 Interest receivable 503,918 438,452 Total assets 246,450,469 267,336,923 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 2,550,308 —   Payable on open futures contracts 401,524 1,011,830 Brokerage commissions and futures account fees payable 6,335 6,902 Payable to Sponsor 192,781 227,958 Total liabilities 3,150,948 1,246,690 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 243,299,521 266,090,233 Total liabilities and shareholders’ equity $ 246,450,469 $ 267,336,923 Shares outstanding 4,768,614 5,318,614 Net asset value per share $ 51.02 $ 50.03 Market value per share (Note 2) $ 50.94 $ 50.06 See accompanying notes to financial statements. F-1 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 37 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 30,000,000 $ 29,979,651 4.182 % due 10/21/25 10,000,000 9,977,500 4.140 % due 11/04/25 50,000,000 49,809,930 Total short-term U.S. government and agency obligations (cost $ 89,765,603 ) $ 89,767,081 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires October 2025 4,007 $ 70,475,116 $ 6,447,295 VIX Futures - Cboe, expires November 2025 2,665 51,299,118 266,571 $ 6,713,866 ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-2 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 2,269,580 $ 5,814,236 $ 8,090,223 $ 12,580,744 Expenses Management fee 601,947 1,173,293 2,130,449 2,616,334 Brokerage commissions 125,536 346,441 458,281 688,357 Futures account fees 17,627 24,896 70,783 24,896 Total expenses 745,110 1,544,630 2,659,513 3,329,587 Net investment income (loss) 1,524,470 4,269,606 5,430,710 9,251,157 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 46,614,443 ( 7,503,293 ) 28,979,595 47,755,573 Short-term U.S. government and agency obligations 150 —   605 17,669 Net realized gain (loss) 46,614,593 ( 7,503,293 ) 28,980,200 47,773,242 Change in net unrealized appreciation (depreciation) on Futures contracts ( 3,678,476 ) ( 4,219,681 ) 9,722,617 ( 13,025,106 ) Short-term U.S. government and agency obligations 1,478 33,407 ( 5,330 ) 16,790 Change in net unrealized appreciation (depreciation) ( 3,676,998 ) ( 4,186,274 ) 9,717,287 ( 13,008,316 ) Net realized and unrealized gain (loss) 42,937,595 ( 11,689,567 ) 38,697,487 34,764,926 Net income (loss) $ 44,462,065 $ ( 7,419,961 ) $ 44,128,197 $ 44,016,083 See accompanying notes to financial statements. F-3 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 279,925,400 $ 298,712,515 $ 266,090,233 $ 267,184,359 Addition of – , 12,300,000 , 18,650,000 and 15,050,000 shares, respectively —   562,757,352 713,832,219 710,001,613 Redemption of 1,800,000 , 9,900,000 , 19,200,000 and 12,950,000 shares, respectively ( 81,087,944 ) ( 489,475,550 ) ( 780,751,128 ) ( 656,627,699 ) Net addition (redemption) of ( 1,800,000 ), 2,400,000 , ( 550,000 ) and 2,100,000 shares, respectively ( 81,087,944 ) 73,281,802 ( 66,918,909 ) 53,373,914 Net investment income (loss) 1,524,470 4,269,606 5,430,710 9,251,157 Net realized gain (loss) 46,614,593 ( 7,503,293 ) 28,980,200 47,773,242 Change in net unrealized appreciation (depreciation) ( 3,676,998 ) ( 4,186,274 ) 9,717,287 ( 13,008,316 ) Net income (loss) 44,462,065 ( 7,419,961 ) 44,128,197 44,016,083 Shareholders’ equity, end of period $ 243,299,521 $ 364,574,356 $ 243,299,521 $ 364,574,356 See accompanying notes to financial statements. F-4 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 44,128,197 $ 44,016,083 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 566,948,437 ) ( 564,453,788 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 504,645,038 455,017,669 Net amortization and accretion on short-term U.S. government and agency obligations ( 2,530,532 ) ( 5,374,725 ) Net realized (gain) loss on investments ( 605 ) ( 17,669 ) Change in unrealized (appreciation) depreciation on investments 5,330 ( 16,790 ) Decrease (Increase) in receivable on open futures contracts ( 1,249,865 ) 7,274,730 Decrease (Increase) in interest receivable ( 65,466 ) ( 424,946 ) Increase (Decrease) in payable to Sponsor ( 35,177 ) 86,045 Increase (Decrease) in brokerage commissions and futures account fees payable ( 567 ) ( 5,605 ) Increase (Decrease) in payable on open futures contracts ( 610,306 ) 2,973,713 Net cash provided by (used in) operating activities ( 22,662,390 ) ( 60,925,283 ) Cash flow from financing activities Proceeds from addition of shares 713,832,219 710,001,613 Payment on shares redeemed ( 778,200,820 ) ( 672,150,015 ) Net cash provided by (used in) financing activities ( 64,368,601 ) 37,851,598 Net increase (decrease) in cash ( 87,030,991 ) ( 23,073,685 ) Cash, beginning of period 241,154,040 162,331,287 Cash, end of period $ 154,123,049 $ 139,257,602 See accompanying notes to financial statements. F-5 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 154,494,456 and $ 99,724,267 , respectively) $ 154,501,105 $ 99,751,500 Cash 59,810,718 259,419,820 Segregated cash balances with brokers for futures contracts 25,066,845 42,171,314 Segregated cash balances with brokers for swap agreements 115,548,769 84,264,200 Unrealized appreciation on swap agreements —   38,215,610 Receivable from capital shares sold 7,833,632 —   Receivable on open futures contracts —   2,157,183 Interest receivable 343,663 692,226 Total assets 363,104,732 526,671,853 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   2,748,471 Payable on open futures contracts 2,694,435 70,422 Payable to Sponsor 286,863 432,896 Unrealized depreciation on swap agreements 1,044,339 —   Total liabilities 4,025,637 3,251,789 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 359,079,095 523,420,064 Total liabilities and shareholders’ equity $ 363,104,732 $ 526,671,853 Shares outstanding 16,043,096 19,043,096 Net asset value per share $ 22.38 $ 27.49 Market value per share (Note 2) $ 22.48 $ 27.50 See accompanying notes to financial statements. F-6 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 43 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 35,000,000 $ 34,976,260 4.182 % due 10/21/25 20,000,000 19,955,000 4.140 % due 11/04/25 50,000,000 49,809,930 4.203 % due 11/13/25 † 50,000,000 49,759,915 Total short-term U.S. government and agency obligations (cost $ 154,494,456 ) $ 154,501,105 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires December 2025 841 $ 52,108,360 $ 1,336,613 WTI Crude Oil - NYMEX, expires June 2026 850 52,037,000 737,250 WTI Crude Oil - NYMEX, expires December 2026 855 52,172,100 ( 737,124 ) $ 1,336,739 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 % 10/06/25 $ 50,354,875 $ ( 94,664 ) Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 10/06/25 218,509,682 ( 410,781 ) Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 10/06/25 66,380,312 ( 124,789 ) Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.25 10/06/25 165,863,610 ( 301,797 ) Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.30 10/06/25 60,715,630 ( 112,308 ) Total Unrealized Depreciation $ ( 1,044,339 ) † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-7 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 2,538,935 $ 6,074,652 $ 9,284,651 $ 17,591,301 Expenses Management fee 919,884 1,266,843 2,836,491 4,088,647 Brokerage commissions 47,091 65,064 155,007 169,844 Total expenses 966,975 1,331,907 2,991,498 4,258,491 Net investment income (loss) 1,571,960 4,742,745 6,293,153 13,332,810 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 9,979,055 ( 5,588,143 ) 6,783,860 22,864,139 Swap agreements 5,508,219 ( 61,237,840 ) ( 4,371,931 ) 10,385,399 Short-term U.S. government and agency obligations 187 ( 31 ) 509 13,170 Net realized gain (loss) 15,487,461 ( 66,826,014 ) 2,412,438 33,262,708 Change in net unrealized appreciation (depreciation) on Futures contracts ( 1,945,799 ) ( 15,224,501 ) ( 9,527,346 ) 1,173,176 Swap agreements ( 5,067,962 ) ( 43,864,043 ) ( 39,259,949 ) ( 5,871,386 ) Short-term U.S. government and agency obligations 6,018 46,734 ( 20,584 ) 1,416 Change in net unrealized appreciation (depreciation) ( 7,007,743 ) ( 59,041,810 ) ( 48,807,879 ) ( 4,696,794 ) Net realized and unrealized gain (loss) 8,479,718 ( 125,867,824 ) ( 46,395,441 ) 28,565,914 Net income (loss) $ 10,051,678 $ ( 121,125,079 ) $ ( 40,102,288 ) $ 41,898,724 See accompanying notes to financial statements. F-8 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 420,493,513 $ 527,486,095 $ 523,420,064 $ 652,793,437 Addition of 4,250,000 , 16,200,000 , 19,150,000 and 25,300,000 shares, respectively 95,230,997 431,007,011 437,683,795 696,995,533 Redemption of 6,900,000 , 8,550,000 , 22,150,000 and 26,750,000 shares, respectively ( 166,697,093 ) ( 244,145,772 ) ( 561,922,476 ) ( 798,465,439 ) Net addition (redemption) of ( 2,650,000 ), 7,650,000 , ( 3,000,000 ) and ( 1,450,000 ) shares, respectively ( 71,466,096 ) 186,861,239 ( 124,238,681 ) ( 101,469,906 ) Net investment income (loss) 1,571,960 4,742,745 6,293,153 13,332,810 Net realized gain (loss) 15,487,461 ( 66,826,014 ) 2,412,438 33,262,708 Change in net unrealized appreciation (depreciation) ( 7,007,743 ) ( 59,041,810 ) ( 48,807,879 ) ( 4,696,794 ) Net income (loss) 10,051,678 ( 121,125,079 ) ( 40,102,288 ) 41,898,724 Shareholders’ equity, end of period $ 359,079,095 $ 593,222,255 $ 359,079,095 $ 593,222,255 See accompanying notes to financial statements. F-9 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 40,102,288 ) $ 41,898,724 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 1,048,965,009 ) ( 1,176,903,761 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 999,557,585 1,094,650,743 Net amortization and accretion on short-term U.S. government and agency obligations ( 5,362,256 ) ( 12,824,271 ) Net realized (gain) loss on investments ( 509 ) ( 13,170 ) Change in unrealized (appreciation) depreciation on investments 39,280,533 5,869,970 Decrease (Increase) in receivable on open futures contracts 2,157,183 ( 1,704,350 ) Decrease (Increase) in interest receivable 348,563 ( 280,249 ) Increase (Decrease) in payable to Sponsor ( 146,033 ) ( 87,773 ) Increase (Decrease) in brokerage commissions and futures account fees payable —   ( 5,682 ) Increase (Decrease) in payable on open futures contracts 2,624,013 ( 2,099,944 ) Net cash provided by (used in) operating activities ( 50,608,218 ) ( 51,499,763 ) Cash flow from financing activities Proceeds from addition of shares 429,850,163 702,250,555 Payment on shares redeemed ( 564,670,947 ) ( 794,661,896 ) Net cash provided by (used in) financing activities ( 134,820,784 ) ( 92,411,341 ) Net increase (decrease) in cash ( 185,429,002 ) ( 143,911,104 ) Cash, beginning of period 385,855,334 398,178,826 Cash, end of period $ 200,426,332 $ 254,267,722 See accompanying notes to financial statements. F-10 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 308,808,231 and $ 99,724,267 , respectively) $ 308,827,473 $ 99,751,500 Cash 59,232,227 205,241,492 Segregated cash balances with brokers for futures contracts 182,905,059 117,769,697 Receivable from capital shares sold —   10,966,643 Receivable on open futures contracts 17,552,221 —   Interest receivable 666,046 825,264 Total assets 569,183,026 434,554,596 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 26,559,561 —   Payable on open futures contracts —   38,058,122 Brokerage commissions and futures account fees payable 15,482 13,669 Payable to Sponsor 397,763 401,306 Total liabilities 26,972,806 38,473,097 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 542,210,220 396,081,499 Total liabilities and shareholders’ equity $ 569,183,026 $ 434,554,596 Shares outstanding 18,373,047 7,223,047 Net asset value per share $ 29.51 $ 54.84 Market value per share (Note 2) $ 29.99 $ 55.82 See accompanying notes to financial statements. F-11 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 57 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 40,000,000 $ 39,972,868 4.182 % due 10/21/25 20,000,000 19,955,000 4.140 % due 11/04/25 100,000,000 99,619,860 4.203 % due 11/13/25 150,000,000 149,279,745 Total short-term U.S. government and agency obligations (cost $ 308,808,231 ) $ 308,827,473 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Natural Gas - NYMEX, expires November 2025 32,831 $ 1,084,407,930 $ ( 1,049,205 ) ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-12 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 4,121,370 $ 7,125,254 $ 9,102,000 $ 19,996,081 Expenses Management fee 1,088,659 1,479,083 2,340,238 4,252,390 Brokerage commissions 411,698 681,738 982,711 2,170,207 Futures account fees 49,402 46,576 166,011 188,737 Total expenses 1,549,759 2,207,397 3,488,960 6,611,334 Net investment income (loss) 2,571,611 4,917,857 5,613,040 13,384,747 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 163,780,916 ) ( 372,130,469 ) 46,482,203 ( 402,539,202 ) Short-term U.S. government and agency obligations 186 —   ( 38 ) —   Net realized gain (loss) ( 163,780,730 ) ( 372,130,469 ) 46,482,165 ( 402,539,202 ) Change in net unrealized appreciation (depreciation) on Futures contracts 28,718,499 260,225,054 ( 98,288,406 ) 63,582,315 Short-term U.S. government and agency obligations 18,989 34,676 ( 7,991 ) 21,069 Change in net unrealized appreciation (depreciation) 28,737,488 260,259,730 ( 98,296,397 ) 63,603,384 Net realized and unrealized gain (loss) ( 135,043,242 ) ( 111,870,739 ) ( 51,814,232 ) ( 338,935,818 ) Net income (loss) $ ( 132,471,631 ) $ ( 106,952,882 ) $ ( 46,201,192 ) $ ( 325,551,071 ) See accompanying notes to financial statements. F-13 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 334,757,794 $ 540,643,821 $ 396,081,499 $ 729,892,808 Addition of 28,200,000 , 10,350,000 , 46,650,000 and 23,240,000 shares, respectively 939,940,370 549,317,432 1,969,227,422 1,667,588,651 Redemption of 17,050,000 , 6,180,000 , 35,500,000 and 17,250,000 shares, respectively ( 600,016,313 ) ( 331,187,266 ) ( 1,776,897,509 ) ( 1,420,109,283 ) Net addition (redemption) of 11,150,000 , 4,170,000 , 11,150,000 and 5,990,000 shares, respectively 339,924,057 218,130,166 192,329,913 247,479,368 Net investment income (loss) 2,571,611 4,917,857 5,613,040 13,384,747 Net realized gain (loss) ( 163,780,730 ) ( 372,130,469 ) 46,482,165 ( 402,539,202 ) Change in net unrealized appreciation (depreciation) 28,737,488 260,259,730 ( 98,296,397 ) 63,603,384 Net income (loss) ( 132,471,631 ) ( 106,952,882 ) ( 46,201,192 ) ( 325,551,071 ) Shareholders’ equity, end of period $ 542,210,220 $ 651,821,105 $ 542,210,220 $ 651,821,105 See accompanying notes to financial statements. F-14 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 46,201,192 ) $ ( 325,551,071 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 904,354,263 ) ( 470,623,691 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 699,473,294 215,000,000 Net amortization and accretion on short-term U.S. government and agency obligations ( 4,203,033 ) ( 3,693,933 ) Net realized (gain) loss on investments 38 —   Change in unrealized (appreciation) depreciation on investments 7,991 ( 21,069 ) Decrease (Increase) in receivable on open futures contracts ( 17,552,221 ) ( 22,694,887 ) Decrease (Increase) in interest receivable 159,218 1,004,148 Increase (Decrease) in payable to Sponsor ( 3,543 ) ( 137,481 ) Increase (Decrease) in brokerage commissions and futures account fees payable 1,813 ( 38,213 ) Increase (Decrease) in payable on open futures contracts ( 38,058,122 ) ( 21,843,883 ) Net cash provided by (used in) operating activities ( 310,730,020 ) ( 628,600,080 ) Cash flow from financing activities Proceeds from addition of shares 1,980,194,065 1,671,870,576 Payment on shares redeemed ( 1,750,337,948 ) ( 1,388,991,394 ) Net cash provided by (used in) financing activities 229,856,117 282,879,182 Net increase (decrease) in cash ( 80,873,903 ) ( 345,720,898 ) Cash, beginning of period 323,011,189 701,114,381 Cash, end of period $ 242,137,286 $ 355,393,483 See accompanying notes to financial statements. F-15 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 6,490,293 $ 5,285,126 Segregated cash balances with brokers for foreign currency forward contracts 756,667 618,421 Unrealized appreciation on foreign currency forward contracts 10,075 2,312 Interest receivable 21,478 19,473 Total assets 7,278,513 5,925,332 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 5,675 4,736 Unrealized depreciation on foreign currency forward contracts 734 169,440 Total liabilities 6,409 174,176 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 7,272,104 5,751,156 Total liabilities and shareholders’ equity $ 7,278,513 $ 5,925,332 Shares outstanding 550,000 550,000 Net asset value per share $ 13.22 $ 10.46 Market value per share (Note 2) $ 13.21 $ 10.45 See accompanying notes to financial statements. F-16 Table of Contents PROSHARES ULTRA EURO SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 10/10/25 6,075,921 $ 7,138,067 $ 4,568 Euro with UBS AG 10/10/25 6,478,502 7,611,024 5,135 Total Unrealized Appreciation $ 9,703 Contracts to Sell Euro with Goldman Sachs International 10/10/25 ( 81,000 ) $ ( 95,160 ) $ 372 Euro with UBS AG 10/10/25 ( 134,000 ) ( 157,425 ) ( 734 ) Total Unrealized Depreciation $ ( 362 ) ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. See accompanying notes to financial statements. F-17 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 72,530 $ 61,969 $ 186,574 $ 211,272 Expenses Management fee 18,718 13,033 48,609 42,912 Total expenses 18,718 13,033 48,609 42,912 Net investment income (loss) 53,812 48,936 137,965 168,360 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 220,691 182,638 997,841 107,862 Net realized gain (loss) 220,691 182,638 997,841 107,862 Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 434,179 ) 187,048 176,469 ( 260,299 ) Change in net unrealized appreciation (depreciation) ( 434,179 ) 187,048 176,469 ( 260,299 ) Net realized and unrealized gain (loss) ( 213,488 ) 369,686 1,174,310 ( 152,437 ) Net income (loss) $ ( 159,676 ) $ 418,622 $ 1,312,275 $ 15,923 See accompanying notes to financial statements. F-18 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 8,708,069 $ 5,595,533 $ 5,751,156 $ 7,114,015 Addition of – , – , 200,000 and 100,000 shares, respectively —   —   2,513,699 1,140,357 Redemption of 100,000 , 50,000 , 200,000 and 250,000 shares, respectively ( 1,276,289 ) ( 573,946 ) ( 2,305,026 ) ( 2,830,086 ) Net addition (redemption) of ( 100,000 ), ( 50,000 ), – and ( 150,000 ) shares, respectively ( 1,276,289 ) ( 573,946 ) 208,673 ( 1,689,729 ) Net investment income (loss) 53,812 48,936 137,965 168,360 Net realized gain (loss) 220,691 182,638 997,841 107,862 Change in net unrealized appreciation (depreciation) ( 434,179 ) 187,048 176,469 ( 260,299 ) Net income (loss) ( 159,676 ) 418,622 1,312,275 15,923 Shareholders’ equity, end of period $ 7,272,104 $ 5,440,209 $ 7,272,104 $ 5,440,209 See accompanying notes to financial statements. F-19 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 1,312,275 $ 15,923 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments ( 176,469 ) 260,299 Decrease (Increase) in interest receivable ( 2,005 ) 7,740 Increase (Decrease) in payable to Sponsor 939 ( 1,396 ) Net cash provided by (used in) operating activities 1,134,740 282,566 Cash flow from financing activities Proceeds from addition of shares 2,513,699 1,140,357 Payment on shares redeemed ( 2,305,026 ) ( 2,830,086 ) Net cash provided by (used in) financing activities 208,673 ( 1,689,729 ) Net increase (decrease) in cash 1,343,413 ( 1,407,163 ) Cash, beginning of period 5,903,547 6,785,459 Cash, end of period $ 7,246,960 $ 5,378,296 See accompanying notes to financial statements. F-20 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 607,989,455 and $ 74,793,200 , respectively) $ 608,009,273 $ 74,813,625 Cash 76,817,403 203,750,372 Segregated cash balances with brokers for futures contracts 42,967,500 11,408,000 Segregated cash balances with brokers for swap agreements 34,511,800 —   Unrealized appreciation on swap agreements 34,537,917 —   Receivable from capital shares sold 9,144,187 —   Receivable on open futures contracts 3,042,379 1,952,335 Interest receivable 831,844 371,587 Total assets 809,862,303 292,295,919 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 581,385 238,455 Unrealized depreciation on swap agreements —   2,348,132 Total liabilities 581,385 2,586,587 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 809,280,918 289,709,332 Total liabilities and shareholders’ equity $ 809,862,303 $ 292,295,919 Shares outstanding (Note 1) 17,700,000 12,400,000 Net asset value per share (Note 1) $ 45.72 $ 23.36 Market value per share (Note 1) (Note 2) $ 46.06 $ 23.37 See accompanying notes to financial statements. F-21 Table of Contents PROSHARES ULTRA GOLD SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 75 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 75,000,000 $ 74,949,127 4.182 % due 10/21/25 125,000,000 124,718,750 4.140 % due 11/04/25 † 310,000,000 308,821,566 4.203 % due 11/13/25 † 100,000,000 99,519,830 Total short-term U.S. government and agency obligations (cost $ 607,989,455 ) $ 608,009,273 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures—COMEX, expires December 2025 2,411 $ 933,828,520 $ 101,806,050 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 10/06/25 $ 424,720,428 $ 21,409,914 Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.25 10/06/25 93,079,951 4,692,107 Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 10/06/25 167,347,561 8,435,896 Total Unrealized Appreciation $ 34,537,917 † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-22 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 5,843,146 $ 3,315,167 $ 14,701,668 $ 8,148,441 Expenses Management fee 1,426,882 628,619 3,488,004 1,611,610 Brokerage commissions 18,644 9,213 64,523 27,209 Total expenses 1,445,526 637,832 3,552,527 1,638,819 Net investment income (loss) 4,397,620 2,677,335 11,149,141 6,509,622 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 533,759 ) 1,541,465 71,313,806 16,072,123 Swap agreements 39,227,803 10,501,253 111,966,863 46,009,687 Short-term U.S. government and agency obligations 375 —   452 3,011 Net realized gain (loss) 38,694,419 12,042,718 183,281,121 62,084,821 Change in net unrealized appreciation (depreciation) on Futures contracts 105,261,676 18,663,834 102,229,458 13,799,867 Swap agreements 39,263,937 23,264,503 36,886,049 13,633,253 Short-term U.S. government and agency obligations 18,871 29,160 ( 607 ) 18,880 Change in net unrealized appreciation (depreciation) 144,544,484 41,957,497 139,114,900 27,452,000 Net realized and unrealized gain (loss) 183,238,903 54,000,215 322,396,021 89,536,821 Net income (loss) $ 187,636,523 $ 56,677,550 $ 333,545,162 $ 96,046,443 See accompanying notes to financial statements. F-23 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 485,005,243 $ 216,456,025 $ 289,709,332 $ 191,502,023 Addition of 7,000,000 , 3,400,000 , 17,650,000 and 6,600,000 shares, respectively (Note 1) 265,301,111 74,000,508 612,025,424 130,539,933 Redemption of 3,400,000 , 2,200,000 , 12,350,000 and 6,200,000 shares, respectively (Note 1) ( 128,661,959 ) ( 48,251,861 ) ( 425,999,000 ) ( 119,206,177 ) Net addition (redemption) of 3,600,000 , 1,200,000 , 5,300,000 and 400,000 shares, respectively (Note 1) 136,639,152 25,748,647 186,026,424 11,333,756 Net investment income (loss) 4,397,620 2,677,335 11,149,141 6,509,622 Net realized gain (loss) 38,694,419 12,042,718 183,281,121 62,084,821 Change in net unrealized appreciation (depreciation) 144,544,484 41,957,497 139,114,900 27,452,000 Net income (loss) 187,636,523 56,677,550 333,545,162 96,046,443 Shareholders’ equity, end of period $ 809,280,918 $ 298,882,222 $ 809,280,918 $ 298,882,222 See accompanying notes to financial statements. F-24 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 333,545,162 $ 96,046,443 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 1,953,529,314 ) ( 578,835,390 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 1,429,111,536 420,003,011 Net amortization and accretion on short-term U.S. government and agency obligations ( 8,778,025 ) ( 5,810,921 ) Net realized (gain) loss on investments ( 452 ) ( 3,011 ) Change in unrealized (appreciation) depreciation on investments ( 36,885,442 ) ( 13,652,133 ) Decrease (Increase) in receivable on open futures contracts ( 1,090,044 ) —   Decrease (Increase) in interest receivable ( 460,257 ) ( 85,135 ) Increase (Decrease) in payable to Sponsor 342,930 77,112 Increase (Decrease) in payable on open futures contracts —   ( 125,977 ) Net cash provided by (used in) operating activities ( 237,743,906 ) ( 82,386,001 ) Cash flow from financing activities Proceeds from addition of shares 602,881,237 130,539,933 Payment on shares redeemed ( 425,999,000 ) ( 114,385,981 ) Net cash provided by (used in) financing activities 176,882,237 16,153,952 Net increase (decrease) in cash ( 60,861,669 ) ( 66,232,049 ) Cash, beginning of period 215,158,372 129,351,977 Cash, end of period $ 154,296,703 $ 63,119,928 See accompanying notes to financial statements. F-25 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 742,869,383 and $ 124,655,333 , respectively) $ 742,885,457 $ 124,689,375 Cash 157,661,178 376,597,126 Segregated cash balances with brokers for futures contracts 77,104,000 38,668,750 Segregated cash balances with brokers for swap agreements —   76,561,398 Unrealized appreciation on swap agreements 103,878,807 —   Receivable on open futures contracts 425,541 —   Interest receivable 1,015,497 851,132 Total assets 1,082,970,480 617,367,781 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 30,265,055 —   Payable on open futures contracts 4,324,003 2,258,150 Payable to Sponsor 702,125 507,430 Unrealized depreciation on swap agreements – 52,518,908 Total liabilities 35,291,183 55,284,488 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 1,047,679,297 562,083,293 Total liabilities and shareholders’ equity $ 1,082,970,480 $ 617,367,781 Shares outstanding 13,846,526 16,746,526 Net asset value per share $ 75.66 $ 33.56 Market value per share (Note 2) $ 76.24 $ 33.67 See accompanying notes to financial statements. F-26 Table of Contents PROSHARES ULTRA SILVER SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 71 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 150,000,000 $ 149,898,255 4.182 % due 10/21/25 225,000,000 224,493,750 4.140 % due 11/04/25 † 270,000,000 268,973,622 4.203 % due 11/13/25 † 100,000,000 99,519,830 Total short-term U.S. government and agency obligations (cost $ 742,869,383 ) $ 742,885,457 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires December 2025 4,589 $ 1,070,154,800 $ 143,513,534 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 10/06/25 $ 470,370,599 $ 47,585,640 Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.30 10/06/25 39,163,672 3,972,149 Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.30 10/06/25 265,710,383 26,949,501 Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.25 10/06/25 250,085,358 25,371,517 Total Unrealized Appreciation $ 103,878,807 † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-27 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 6,938,402 $ 7,482,201 $ 19,053,657 $ 17,362,781 Expenses Management fee 1,949,744 1,417,159 4,951,422 3,535,877 Brokerage commissions 50,532 45,868 155,360 130,090 Total expenses 2,000,276 1,463,027 5,106,782 3,665,967 Net investment income (loss) 4,938,126 6,019,174 13,946,875 13,696,814 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 32,707,355 ( 38,481,009 ) 101,060,386 37,521,267 Swap agreements 105,876,163 ( 90,530,217 ) 191,432,762 49,677,236 Short-term U.S. government and agency obligations 367 ( 25 ) 355 4,772 Net realized gain (loss) 138,583,885 ( 129,011,251 ) 292,493,503 87,203,275 Change in net unrealized appreciation (depreciation) on Futures contracts 152,651,481 58,950,640 172,417,069 39,875,598 Swap agreements 110,350,181 123,441,660 156,397,715 76,866,548 Short-term U.S. government and agency obligations 14,868 53,721 ( 17,968 ) 33,217 Change in net unrealized appreciation (depreciation) 263,016,530 182,446,021 328,796,816 116,775,363 Net realized and unrealized gain (loss) 401,600,415 53,434,770 621,290,319 203,978,638 Net income (loss) $ 406,538,541 $ 59,453,944 $ 635,237,194 $ 217,675,452 See accompanying notes to financial statements. F-28 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 708,196,011 $ 570,829,521 $ 562,083,293 $ 390,146,373 Addition of 4,700,000 , 4,700,000 , 14,550,000 and 12,150,000 shares, respectively 275,863,693 173,955,817 678,097,505 418,736,717 Redemption of 5,900,000 , 3,500,000 , 17,450,000 and 10,000,000 shares, respectively ( 342,918,948 ) ( 137,456,812 ) ( 827,738,695 ) ( 359,776,072 ) Net addition (redemption) of ( 1,200,000 ), 1,200,000 , ( 2,900,000 ) and 2,150,000 shares, respectively ( 67,055,255 ) 36,499,005 ( 149,641,190 ) 58,960,645 Net investment income (loss) 4,938,126 6,019,174 13,946,875 13,696,814 Net realized gain (loss) 138,583,885 ( 129,011,251 ) 292,493,503 87,203,275 Change in net unrealized appreciation (depreciation) 263,016,530 182,446,021 328,796,816 116,775,363 Net income (loss) 406,538,541 59,453,944 635,237,194 217,675,452 Shareholders’ equity, end of period $ 1,047,679,297 $ 666,782,470 $ 1,047,679,297 $ 666,782,470 See accompanying notes to financial statements. F-29 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 635,237,194 $ 217,675,452 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 2,540,999,184 ) ( 1,164,790,304 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 1,934,105,968 941,998,259 Net amortization and accretion on short-term U.S. government and agency obligations ( 11,320,479 ) ( 11,494,331 ) Net realized (gain) loss on investments ( 355 ) ( 4,772 ) Change in unrealized (appreciation) depreciation on investments ( 156,379,747 ) ( 76,899,765 ) Decrease (Increase) in receivable on open futures contracts ( 425,541 ) —   Decrease (Increase) in interest receivable ( 164,365 ) ( 199,500 ) Increase (Decrease) in payable to Sponsor 194,695 161,194 Increase (Decrease) in payable on open futures contracts 2,065,853 1,158,864 Net cash provided by (used in) operating activities ( 137,685,961 ) ( 92,394,903 ) Cash flow from financing activities Proceeds from addition of shares 678,097,505 421,465,545 Payment on shares redeemed ( 797,473,640 ) ( 347,614,349 ) Net cash provided by (used in) financing activities ( 119,376,135 ) 73,851,196 Net increase (decrease) in cash ( 257,062,096 ) ( 18,543,707 ) Cash, beginning of period 491,827,274 279,193,929 Cash, end of period $ 234,765,178 $ 260,650,222 See accompanying notes to financial statements. F-30 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 109,556,297 and $ 24,931,067 , respectively) $ 109,562,859 $ 24,937,875 Cash 103,870,819 88,749,502 Segregated cash balances with brokers for futures contracts 428,426,270 161,872,327 Receivable on open futures contracts 12,264,407 9,002,751 Interest receivable 1,130,070 803,191 Total assets 655,254,425 285,365,646 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 6,589,621 613,972 Brokerage commissions and futures account fees payable 75,752 24,616 Payable to Sponsor 494,630 274,998 Total liabilities 7,160,003 913,586 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 648,094,422 284,452,060 Total liabilities and shareholders’ equity $ 655,254,425 $ 285,365,646 Shares outstanding 62,093,643 13,693,643 Net asset value per share $ 10.44 $ 20.77 Market value per share (Note 2) $ 10.44 $ 20.72 See accompanying notes to financial statements. F-31 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 17 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.182 % due 10/21/25 $ 20,000,000 $ 19,955,000 4.140 % due 11/04/25 40,000,000 39,847,944 4.203 % due 11/13/25 50,000,000 49,759,915 Total short-term U.S. government and agency obligations (cost $ 109,556,297 ) $ 109,562,859 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires October 2025 31,952 $ 561,971,776 $ ( 32,959,301 ) VIX Futures - Cboe, expires November 2025 21,292 409,853,966 ( 3,137,076 ) $ ( 36,096,377 ) ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-32 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 5,292,243 $ 2,501,794 $ 10,984,632 $ 7,595,859 Expenses Management fee 1,636,145 583,266 3,378,880 1,804,611 Brokerage commissions 1,025,774 534,432 2,534,657 1,475,584 Futures account fees 231,026 62,854 444,189 212,988 Total expenses 2,892,945 1,180,552 6,357,726 3,493,183 Net investment income (loss) 2,399,298 1,321,242 4,626,906 4,102,676 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 410,233,402 ) ( 36,612,575 ) ( 254,266,766 ) ( 185,028,990 ) Short-term U.S. government and agency obligations 565 317 ( 1,354 ) 11,454 Net realized gain (loss) ( 410,232,837 ) ( 36,612,258 ) ( 254,268,120 ) ( 185,017,536 ) Change in net unrealized appreciation (depreciation) on Futures contracts 19,280,389 14,558,661 ( 50,072,369 ) 39,537,652 Short-term U.S. government and agency obligations 6,372 12,132 ( 246 ) 12,150 Change in net unrealized appreciation (depreciation) 19,286,761 14,570,793 ( 50,072,615 ) 39,549,802 Net realized and unrealized gain (loss) ( 390,946,076 ) ( 22,041,465 ) ( 304,340,735 ) ( 145,467,734 ) Net income (loss) $ ( 388,546,778 ) $ ( 20,720,223 ) $ ( 299,713,829 ) $ ( 141,365,058 ) See accompanying notes to financial statements. F-33 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 579,408,908 $ 232,135,198 $ 284,452,060 $ 348,555,743 Addition of 49,350,000 , 19,350,000 , 134,050,000 and 29,200,000 shares, respectively 705,122,888 563,820,661 2,554,769,405 854,933,354 Redemption of 18,250,000 , 17,750,000 , 85,650,000 and 26,021,248 shares, respectively ( 247,890,596 ) ( 489,883,673 ) ( 1,891,413,214 ) ( 776,772,076 ) Net addition (redemption) of 31,100,000 , 1,600,000 , 48,400,000 and 3,178,752 shares, respectively 457,232,292 73,936,988 663,356,191 78,161,278 Net investment income (loss) 2,399,298 1,321,242 4,626,906 4,102,676 Net realized gain (loss) ( 410,232,837 ) ( 36,612,258 ) ( 254,268,120 ) ( 185,017,536 ) Change in net unrealized appreciation (depreciation) 19,286,761 14,570,793 ( 50,072,615 ) 39,549,802 Net income (loss) ( 388,546,778 ) ( 20,720,223 ) ( 299,713,829 ) ( 141,365,058 ) Shareholders’ equity, end of period $ 648,094,422 $ 285,351,963 $ 648,094,422 $ 285,351,963 See accompanying notes to financial statements. F-34 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 299,713,829 ) $ ( 141,365,058 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 681,018,160 ) ( 259,379,827 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 598,974,544 196,346,250 Net amortization and accretion on short-term U.S. government and agency obligations ( 2,582,968 ) ( 1,763,038 ) Net realized (gain) loss on investments 1,354 ( 11,454 ) Change in unrealized (appreciation) depreciation on investments 246 ( 12,150 ) Decrease (Increase) in receivable on open futures contracts ( 3,261,656 ) 7,609,527 Decrease (Increase) in interest receivable ( 326,879 ) 402,866 Increase (Decrease) in payable to Sponsor 219,632 ( 101,924 ) Increase (Decrease) in brokerage commissions and futures account fees payable 51,136 ( 16,496 ) Increase (Decrease) in payable on open futures contracts 5,975,649 7,629,152 Net cash provided by (used in) operating activities ( 381,680,931 ) ( 190,662,152 ) Cash flow from financing activities Proceeds from addition of shares 2,554,769,405 854,933,354 Payment on shares redeemed ( 1,891,413,214 ) ( 776,772,076 ) Net cash provided by (used in) financing activities 663,356,191 78,161,278 Net increase (decrease) in cash 281,675,260 ( 112,500,874 ) Cash, beginning of period 250,621,829 337,411,617 Cash, end of period $ 532,297,089 $ 224,910,743 See accompanying notes to financial statements. F-35 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 47,101,523 $ 39,802,626 Segregated cash balances with brokers for foreign currency forward contracts 6,771,283 8,805,479 Unrealized appreciation on foreign currency forward contracts 1,384 146,194 Interest receivable 165,535 149,992 Total assets 54,039,725 48,904,291 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 43,372 37,154 Unrealized depreciation on foreign currency forward contracts 687,017 4,361,491 Total liabilities 730,389 4,398,645 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 53,309,336 44,505,646 Total liabilities and shareholders’ equity $ 54,039,725 $ 48,904,291 Shares outstanding 2,449,970 2,199,970 Net asset value per share $ 21.76 $ 20.23 Market value per share (Note 2) $ 21.76 $ 20.35 See accompanying notes to financial statements. F-36 Table of Contents PROSHARES ULTRA YEN SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with Goldman Sachs International 10/10/25 8,304,233,056 $ 56,218,412 $ ( 330,971 ) Yen with UBS AG 10/10/25 8,398,795,856 56,858,588 ( 322,716 ) Total Unrealized Depreciation $ ( 653,687 ) Contracts to Sell Yen with Goldman Sachs International 10/10/25 ( 232,040,000 ) $ ( 1,570,876 ) $ 1,384 Yen with UBS AG 10/10/25 ( 721,530,000 ) ( 4,884,650 ) ( 33,330 ) Total Unrealized Depreciation $ ( 31,946 ) ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. See accompanying notes to financial statements. F-37 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 541,875 $ 541,372 $ 1,650,309 $ 1,395,183 Expenses Management fee 139,482 118,878 430,261 295,486 Total expenses 139,482 118,878 430,261 295,486 Net investment income (loss) 402,393 422,494 1,220,048 1,099,697 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 3,272,292 ) 6,834,509 ( 201,447 ) ( 562,689 ) Net realized gain (loss) ( 3,272,292 ) 6,834,509 ( 201,447 ) ( 562,689 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 1,422,005 ) 2,618,114 3,529,664 ( 1,803,229 ) Change in net unrealized appreciation (depreciation) ( 1,422,005 ) 2,618,114 3,529,664 ( 1,803,229 ) Net realized and unrealized gain (loss) ( 4,694,297 ) 9,452,623 3,328,217 ( 2,365,918 ) Net income (loss) $ ( 4,291,904 ) $ 9,875,117 $ 4,548,265 $ ( 1,266,221 ) See accompanying notes to financial statements. F-38 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 66,461,439 $ 44,510,138 $ 44,505,646 $ 30,205,770 Addition of – , 550,000 , 1,250,000 and 1,850,000 shares, respectively —   13,600,287 26,787,301 43,805,863 Redemption of 400,000 , 600,000 , 1,000,000 and 800,000 shares, respectively ( 8,860,199 ) ( 14,751,477 ) ( 22,531,876 ) ( 19,511,347 ) Net addition (redemption) of ( 400,000 ), ( 50,000 ), 250,000 and 1,050,000 shares, respectively ( 8,860,199 ) ( 1,151,190 ) 4,255,425 24,294,516 Net investment income (loss) 402,393 422,494 1,220,048 1,099,697 Net realized gain (loss) ( 3,272,292 ) 6,834,509 ( 201,447 ) ( 562,689 ) Change in net unrealized appreciation (depreciation) ( 1,422,005 ) 2,618,114 3,529,664 ( 1,803,229 ) Net income (loss) ( 4,291,904 ) 9,875,117 4,548,265 ( 1,266,221 ) Shareholders’ equity, end of period $ 53,309,336 $ 53,234,065 $ 53,309,336 $ 53,234,065 See accompanying notes to financial statements. F-39 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 4,548,265 $ ( 1,266,221 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments ( 3,529,664 ) 1,803,229 Decrease (Increase) in interest receivable ( 15,543 ) ( 91,187 ) Increase (Decrease) in payable to Sponsor 6,218 20,276 Net cash provided by (used in) operating activities 1,009,276 466,097 Cash flow from financing activities Proceeds from addition of shares 26,787,301 43,805,863 Payment on shares redeemed ( 22,531,876 ) ( 20,884,514 ) Net cash provided by (used in) financing activities 4,255,425 22,921,349 Net increase (decrease) in cash 5,264,701 23,387,446 Cash, beginning of period 48,608,105 29,977,711 Cash, end of period $ 53,872,806 $ 53,365,157 See accompanying notes to financial statements. F-40 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 34,960,911 and $ – , respectively) $ 34,960,542 $ —   Cash 55,574,044 88,861,451 Segregated cash balances with brokers for futures contracts 31,149,219 31,873,660 Receivable from capital shares sold —   3,386,356 Receivable on open futures contracts 5,944,855 —   Interest receivable 294,550 341,824 Total assets 127,923,210 124,463,291 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 6,124,308 —   Payable on open futures contracts —   2,372,844 Payable to Sponsor 96,463 93,113 Total liabilities 6,220,771 2,465,957 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 121,702,439 121,997,334 Total liabilities and shareholders’ equity $ 127,923,210 $ 124,463,291 Shares outstanding 6,955,220 7,205,220 Net asset value per share $ 17.50 $ 16.93 Market value per share (Note 2) $ 17.42 $ 16.92 See accompanying notes to financial statements. F-41 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 29 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 25,000,000 $ 24,983,042 4.182 % due 10/21/25 10,000,000 9,977,500 Total short-term U.S. government and agency obligations (cost $ 34,960,911 ) $ 34,960,542 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires December 2025 1,308 $ 81,043,680 $ 6,281,733 WTI Crude Oil - NYMEX, expires June 2026 1,325 81,116,500 4,243,366 WTI Crude Oil - NYMEX, expires December 2026 1,331 81,217,620 1,603,590 $ 12,128,689 ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-42 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 1,262,490 $ 1,865,946 $ 4,373,667 $ 6,398,993 Expenses Management fee 315,179 363,340 1,090,747 1,255,680 Brokerage commissions 46,312 51,598 169,510 149,398 Total expenses 361,491 414,938 1,260,257 1,405,078 Net investment income (loss) 900,999 1,451,008 3,113,410 4,993,915 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 4,631,229 12,329,007 45,775,241 ( 330,018 ) Short-term U.S. government and agency obligations —   179 ( 483 ) 6,958 Net realized gain (loss) 4,631,229 12,329,186 45,774,758 ( 323,060 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 3,727,299 ) 28,461,478 13,784,081 ( 7,530,570 ) Short-term U.S. government and agency obligations ( 369 ) 5,390 ( 369 ) ( 3,790 ) Change in net unrealized appreciation (depreciation) ( 3,727,668 ) 28,466,868 13,783,712 ( 7,534,360 ) Net realized and unrealized gain (loss) 903,561 40,796,054 59,558,470 ( 7,857,420 ) Net income (loss) $ 1,804,560 $ 42,247,062 $ 62,671,880 $ ( 2,863,505 ) See accompanying notes to financial statements. F-43 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 135,277,470 $ 177,620,038 $ 121,997,334 $ 188,963,592 Addition of 5,450,000 , 2,250,000 , 25,450,000 and 14,900,000 shares, respectively 88,618,278 37,421,194 410,876,000 253,860,259 Redemption of 6,000,000 , 8,700,000 , 25,700,000 and 19,050,000 shares, respectively ( 103,997,869 ) ( 160,558,341 ) ( 473,842,775 ) ( 343,230,393 ) Net addition (redemption) of ( 550,000 ), ( 6,450,000 ), ( 250,000 ) and ( 4,150,000 ) shares, respectively ( 15,379,591 ) ( 123,137,147 ) ( 62,966,775 ) ( 89,370,134 ) Net investment income (loss) 900,999 1,451,008 3,113,410 4,993,915 Net realized gain (loss) 4,631,229 12,329,186 45,774,758 ( 323,060 ) Change in net unrealized appreciation (depreciation) ( 3,727,668 ) 28,466,868 13,783,712 ( 7,534,360 ) Net income (loss) 1,804,560 42,247,062 62,671,880 ( 2,863,505 ) Shareholders’ equity, end of period $ 121,702,439 $ 96,729,953 $ 121,702,439 $ 96,729,953 See accompanying notes to financial statements. F-44 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 62,671,880 $ ( 2,863,505 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 343,231,033 ) ( 301,469,671 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 309,917,637 319,998,987 Net amortization and accretion on short-term U.S. government and agency obligations ( 1,647,998 ) ( 3,768,036 ) Net realized (gain) loss on investments 483 ( 6,958 ) Change in unrealized (appreciation) depreciation on investments 369 3,790 Decrease (Increase) in receivable on open futures contracts ( 5,944,855 ) 90,623 Decrease (Increase) in interest receivable 47,274 128,550 Increase (Decrease) in payable to Sponsor 3,350 ( 49,412 ) Increase (Decrease) in brokerage commissions and futures account fees payable —   ( 3,509 ) Increase (Decrease) in payable on open futures contracts ( 2,372,844 ) 4,402,659 Net cash provided by (used in) operating activities 19,444,263 16,463,518 Cash flow from financing activities Proceeds from addition of shares 414,262,356 253,860,259 Payment on shares redeemed ( 467,718,467 ) ( 343,398,535 ) Net cash provided by (used in) financing activities ( 53,456,111 ) ( 89,538,276 ) Net increase (decrease) in cash ( 34,011,848 ) ( 73,074,758 ) Cash, beginning of period 120,735,111 141,574,168 Cash, end of period $ 86,723,263 $ 68,499,410 See accompanying notes to financial statements. F-45 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 64,845,737 and $ – , respectively) $ 64,846,501 $ —   Cash 43,984,384 177,262,462 Segregated cash balances with brokers for futures contracts 46,401,042 81,628,795 Receivable from capital shares sold 7,071,768 —   Receivable on open futures contracts —   19,205,533 Interest receivable 370,765 405,754 Total assets 162,674,460 278,502,544 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   17,443,727 Payable on open futures contracts 3,999,443 —   Brokerage commissions and futures account fees payable 3,572 3,166 Payable to Sponsor 133,487 115,508 Total liabilities 4,136,502 17,562,401 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 158,537,958 260,940,143 Total liabilities and shareholders’ equity $ 162,674,460 $ 278,502,544 Shares outstanding 4,483,712 5,983,712 Net asset value per share $ 35.36 $ 43.61 Market value per share (Note 2) $ 34.79 $ 42.74 See accompanying notes to financial statements. F-46 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 41 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 25,000,000 $ 24,983,043 4.182 % due 10/21/25 10,000,000 9,977,500 4.140 % due 11/04/25 30,000,000 29,885,958 Total short-term U.S. government and agency obligations (cost $ 64,845,737 ) $ 64,846,501 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Natural Gas - NYMEX, expires November 2025 9,600 $ 317,088,000 $ 13,136,253 ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-47 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 1,926,416 $ 1,150,564 $ 10,289,665 $ 4,075,138 Expenses Management fee 477,225 224,779 2,536,994 797,283 Brokerage commissions 167,957 156,391 1,197,519 722,643 Futures account fees 12,126 6,899 84,863 33,910 Total expenses 657,308 388,069 3,819,376 1,553,836 Net investment income (loss) 1,269,108 762,495 6,470,289 2,521,302 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 116,766,252 90,006,232 19,539,524 90,097,297 Short-term U.S. government and agency obligations 33 ( 2,218 ) ( 8,305 ) ( 3,961 ) Net realized gain (loss) 116,766,285 90,004,014 19,531,219 90,093,336 Change in net unrealized appreciation (depreciation) on Futures contracts ( 27,090,196 ) ( 55,772,673 ) 39,266,757 ( 11,395,023 ) Short-term U.S. government and agency obligations 259 8,364 764 7,761 Change in net unrealized appreciation (depreciation) ( 27,089,937 ) ( 55,764,309 ) 39,267,521 ( 11,387,262 ) Net realized and unrealized gain (loss) 89,676,348 34,239,705 58,798,740 78,706,074 Net income (loss) $ 90,945,456 $ 35,002,200 $ 65,269,029 $ 81,227,376 See accompanying notes to financial statements. F-48 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 283,266,637 $ 147,292,427 $ 260,940,143 $ 140,963,092 Addition of 6,050,000 , 2,700,000 , 71,800,000 and 16,700,000 shares, respectively 183,706,873 167,655,268 1,773,382,468 864,763,170 Redemption of 12,700,000 , 3,250,000 , 73,300,000 and 17,200,000 shares, respectively ( 399,381,008 ) ( 217,256,870 ) ( 1,941,053,682 ) ( 954,260,613 ) Net addition (redemption) of ( 6,650,000 ), ( 550,000 ), ( 1,500,000 ) and ( 500,000 ) shares, respectively ( 215,674,135 ) ( 49,601,602 ) ( 167,671,214 ) ( 89,497,443 ) Net investment income (loss) 1,269,108 762,495 6,470,289 2,521,302 Net realized gain (loss) 116,766,285 90,004,014 19,531,219 90,093,336 Change in net unrealized appreciation (depreciation) ( 27,089,937 ) ( 55,764,309 ) 39,267,521 ( 11,387,262 ) Net income (loss) 90,945,456 35,002,200 65,269,029 81,227,376 Shareholders’ equity, end of period $ 158,537,958 $ 132,693,025 $ 158,537,958 $ 132,693,025 See accompanying notes to financial statements. F-49 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 65,269,029 $ 81,227,376 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 989,236,463 ) ( 232,607,254 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 929,395,135 189,472,679 Net amortization and accretion on short-term U.S. government and agency obligations ( 5,012,714 ) ( 1,757,186 ) Net realized (gain) loss on investments 8,305 3,961 Change in unrealized (appreciation) depreciation on investments ( 764 ) ( 7,761 ) Decrease (Increase) in receivable on open futures contracts 19,205,533 4,446,202 Decrease (Increase) in interest receivable 34,989 292,861 Increase (Decrease) in payable to Sponsor 17,979 ( 40,487 ) Increase (Decrease) in brokerage commissions and futures account fees payable 406 ( 9,361 ) Increase (Decrease) in payable on open futures contracts 3,999,443 ( 7,601,565 ) Net cash provided by (used in) operating activities 23,680,878 33,419,465 Cash flow from financing activities Proceeds from addition of shares 1,766,310,700 871,648,583 Payment on shares redeemed ( 1,958,497,409 ) ( 954,260,613 ) Net cash provided by (used in) financing activities ( 192,186,709 ) ( 82,612,030 ) Net increase (decrease) in cash ( 168,505,831 ) ( 49,192,565 ) Cash, beginning of period 258,891,257 136,172,565 Cash, end of period $ 90,385,426 $ 86,980,000 See accompanying notes to financial statements. F-50 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 29,719,293 $ 36,236,198 Segregated cash balances with brokers for foreign currency forward contracts 3,911,088 4,402,112 Unrealized appreciation on foreign currency forward contracts 868 1,189,827 Interest receivable 97,822 129,971 Total assets 33,729,071 41,958,108 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 26,232 32,657 Unrealized depreciation on foreign currency forward contracts 77,707 32,777 Total liabilities 103,939 65,434 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 33,625,132 41,892,674 Total liabilities and shareholders’ equity $ 33,729,071 $ 41,958,108 Shares outstanding 1,200,000 1,200,000 Net asset value per share $ 28.02 $ 34.91 Market value per share (Note 2) $ 28.01 $ 34.92 See accompanying notes to financial statements. F-51 Table of Contents PROSHARES ULTRASHORT EURO SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 10/10/25 2,946,000 $ 3,460,997 $ ( 22,894 ) Euro with UBS AG 10/10/25 1,242,000 1,459,117 868 Total Unrealized Depreciation $ ( 22,026 ) Contracts to Sell Euro with Goldman Sachs International 10/10/25 ( 33,832,263 ) $ ( 39,746,559 ) $ ( 30,619 ) Euro with UBS AG 10/10/25 ( 27,722,199 ) ( 32,568,382 ) ( 24,194 ) Total Unrealized Depreciation $ ( 54,813 ) ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. See accompanying notes to financial statements. F-52 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 311,072 $ 400,294 $ 962,527 $ 1,288,483 Expenses Management fee 81,835 84,768 250,845 270,996 Total expenses 81,835 84,768 250,845 270,996 Net investment income (loss) 229,237 315,526 711,682 1,017,487 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 1,411,883 ) ( 1,317,854 ) ( 6,979,829 ) ( 1,360,955 ) Short-term U.S. government and agency obligations —   —   119 4,641 Net realized gain (loss) ( 1,411,883 ) ( 1,317,854 ) ( 6,979,710 ) ( 1,356,314 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 1,649,460 ( 1,247,585 ) ( 1,233,889 ) 1,521,143 Change in net unrealized appreciation (depreciation) 1,649,460 ( 1,247,585 ) ( 1,233,889 ) 1,521,143 Net realized and unrealized gain (loss) 237,577 ( 2,565,439 ) ( 8,213,599 ) 164,829 Net income (loss) $ 466,814 $ ( 2,249,913 ) $ ( 7,501,917 ) $ 1,182,316 See accompanying notes to financial statements. F-53 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 31,567,012 $ 38,226,983 $ 41,892,674 $ 39,367,550 Addition of 200,000 , – , 550,000 and 50,000 shares, respectively 5,827,979 —   16,228,321 1,591,183 Redemption of 150,000 , 100,000 , 550,000 and 300,000 shares, respectively ( 4,236,673 ) ( 3,064,562 ) ( 16,993,946 ) ( 9,228,541 ) Net addition (redemption) of 50,000 , ( 100,000 ), – and ( 250,000 ) shares, respectively 1,591,306 ( 3,064,562 ) ( 765,625 ) ( 7,637,358 ) Net investment income (loss) 229,237 315,526 711,682 1,017,487 Net realized gain (loss) ( 1,411,883 ) ( 1,317,854 ) ( 6,979,710 ) ( 1,356,314 ) Change in net unrealized appreciation (depreciation) 1,649,460 ( 1,247,585 ) ( 1,233,889 ) 1,521,143 Net income (loss) 466,814 ( 2,249,913 ) ( 7,501,917 ) 1,182,316 Shareholders’ equity, end of period $ 33,625,132 $ 32,912,508 $ 33,625,132 $ 32,912,508 See accompanying notes to financial statements. F-54 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 7,501,917 ) $ 1,182,316 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Proceeds from sales or maturities of short-term U.S. government and agency obligations 119 4,641 Net realized (gain) loss on investments ( 119 ) ( 4,641 ) Change in unrealized (appreciation) depreciation on investments 1,233,889 ( 1,521,143 ) Decrease (Increase) in interest receivable 32,149 37,169 Increase (Decrease) in payable to Sponsor ( 6,425 ) ( 6,708 ) Net cash provided by (used in) operating activities ( 6,242,304 ) ( 308,366 ) Cash flow from financing activities Proceeds from addition of shares 16,228,321 1,591,183 Payment on shares redeemed ( 16,993,946 ) ( 9,228,541 ) Net cash provided by (used in) financing activities ( 765,625 ) ( 7,637,358 ) Net increase (decrease) in cash ( 7,007,929 ) ( 7,945,724 ) Cash, beginning of period 40,638,310 41,090,342 Cash, end of period $ 33,630,381 $ 33,144,618 See accompanying notes to financial statements. F-55 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 53,898,975 $ 13,148,117 Segregated cash balances with brokers for futures contracts 2,017,900 588,800 Segregated cash balances with brokers for swap agreements 12,161,176 2,782,413 Unrealized appreciation on swap agreements —   141,581 Interest receivable 173,607 61,820 Total assets 68,251,658 16,722,731 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 837,316 —   Payable on open futures contracts 75,629 82,309 Payable to Sponsor 48,942 15,994 Unrealized depreciation on swap agreements 4,099,058 —   Total liabilities 5,060,945 98,303 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 63,190,713 16,624,428 Total liabilities and shareholders’ equity $ 68,251,658 $ 16,722,731 Shares outstanding (Note 1) 3,773,421 473,489 Net asset value per share (Note 1) $ 16.75 $ 35.11 Market value per share (Note 1) (Note 2) $ 16.64 $ 35.16 See accompanying notes to financial statements. F-56 Table of Contents PROSHARES ULTRASHORT GOLD SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures - COMEX, expires December 2025 118 $ 45,703,760 $ ( 2,081,600 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 10/06/25 $ ( 58,656,740 ) $ ( 2,973,639 ) Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.20 10/06/25 ( 8,718,813 ) ( 441,755 ) Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 10/06/25 ( 13,485,622 ) ( 683,664 ) Total Unrealized Depreciation $ ( 4,099,058 ) ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. * Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-57 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 543,256 $ 148,896 $ 1,468,731 $ 468,826 Expenses Management fee 155,211 34,177 411,660 105,887 Brokerage commissions 2,719 920 14,541 3,138 Total expenses 157,930 35,097 426,201 109,025 Net investment income (loss) 385,326 113,799 1,042,530 359,801 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 2,131,476 ) ( 722,224 ) 1,974,272 ( 2,348,472 ) Swap agreements ( 7,008,905 ) ( 687,295 ) ( 8,711,158 ) ( 2,975,334 ) Net realized gain (loss) ( 9,140,381 ) ( 1,409,519 ) ( 6,736,886 ) ( 5,323,806 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 2,544,052 ) ( 291,313 ) ( 2,202,656 ) 20,023 Swap agreements ( 5,507,055 ) ( 1,471,680 ) ( 4,240,639 ) ( 863,159 ) Change in net unrealized appreciation (depreciation) ( 8,051,107 ) ( 1,762,993 ) ( 6,443,295 ) ( 843,136 ) Net realized and unrealized gain (loss) ( 17,191,488 ) ( 3,172,512 ) ( 13,180,181 ) ( 6,166,942 ) Net income (loss) $ ( 16,806,162 ) $ ( 3,058,713 ) $ ( 12,137,651 ) $ ( 5,807,141 ) See accompanying notes to financial statements. F-58 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 76,838,176 $ 16,131,791 $ 16,624,428 $ 11,795,779 Addition of 2,650,000 , 300,000 , 16,350,000 and 625,000 shares, respectively (Note 1) 51,416,393 10,718,138 359,391,795 25,250,693 Redemption of 2,300,000 , 150,000 , 13,050,068 and 325,000 shares, respectively (Note 1) ( 48,257,694 ) ( 5,732,726 ) ( 300,687,859 ) ( 13,180,841 ) Net addition (redemption) of 350,000 , 150,000 , 3,299,932 and 300,000 shares, respectively (Note 1) 3,158,699 4,985,412 58,703,936 12,069,852 Net investment income (loss) 385,326 113,799 1,042,530 359,801 Net realized gain (loss) ( 9,140,381 ) ( 1,409,519 ) ( 6,736,886 ) ( 5,323,806 ) Change in net unrealized appreciation (depreciation) ( 8,051,107 ) ( 1,762,993 ) ( 6,443,295 ) ( 843,136 ) Net income (loss) ( 16,806,162 ) ( 3,058,713 ) ( 12,137,651 ) ( 5,807,141 ) Shareholders’ equity, end of period $ 63,190,713 $ 18,058,490 $ 63,190,713 $ 18,058,490 See accompanying notes to financial statements. F-59 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 12,137,651 ) $ ( 5,807,141 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments 4,240,639 863,159 Decrease (Increase) in receivable on open futures contracts —   ( 20,392 ) Decrease (Increase) in interest receivable ( 111,787 ) ( 3,914 ) Increase (Decrease) in payable to Sponsor 32,948 1,279 Increase (Decrease) in payable on open futures contracts ( 6,680 ) —   Net cash provided by (used in) operating activities ( 7,982,531 ) ( 4,967,009 ) Cash flow from financing activities Proceeds from addition of shares 359,391,795 25,250,693 Payment on shares redeemed ( 299,850,543 ) ( 13,180,841 ) Net cash provided by (used in) financing activities 59,541,252 12,069,852 Net increase (decrease) in cash 51,558,721 7,102,843 Cash, beginning of period 16,519,330 11,946,483 Cash, end of period $ 68,078,051 $ 19,049,326 See accompanying notes to financial statements. F-60 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 21,848,817 $ 10,846,306 Segregated cash balances with brokers for futures contracts 1,536,000 839,500 Segregated cash balances with brokers for swap agreements 12,165,917 9,082,795 Unrealized appreciation on swap agreements —   2,954,018 Receivable on open futures contracts 285,866 8,500 Interest receivable 56,977 49,804 Total assets 35,893,577 23,780,923 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 1,548,373 —   Payable on open futures contracts —   9,092 Payable to Sponsor 20,875 19,212 Unrealized depreciation on swap agreements 3,972,249 —   Total liabilities 5,541,497 28,304 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 30,352,080 23,752,619 Total liabilities and shareholders’ equity $ 35,893,577 $ 23,780,923 Shares outstanding 1,960,264 560,264 Net asset value per share $ 15.48 $ 42.40 Market value per share (Note 2) $ 15.37 $ 42.00 See accompanying notes to financial statements. F-61 Table of Contents PROSHARES ULTRASHORT SILVER SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires December 2025 95 $ 22,154,000 $ ( 1,395,989 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 10/06/25 $ ( 16,586,295 ) $ ( 1,728,291 ) Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.25 10/06/25 ( 17,367,383 ) ( 1,766,648 ) Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.30 10/06/25 ( 2,395,647 ) ( 243,755 ) Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.25 10/06/25 ( 2,295,985 ) ( 233,555 ) Total Unrealized Depreciation $ ( 3,972,249 ) ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. * Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-62 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 202,742 $ 672,005 $ 607,679 $ 1,650,859 Expenses Management fee 68,100 149,940 202,348 380,119 Brokerage commissions 3,060 14,921 13,179 34,808 Total expenses 71,160 164,861 215,527 414,927 Net investment income (loss) 131,582 507,144 392,152 1,235,932 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 1,886,271 ) ( 343,339 ) ( 4,406,449 ) ( 2,680,569 ) Swap agreements ( 4,960,701 ) 6,337,066 ( 8,876,741 ) ( 1,615,822 ) Net realized gain (loss) ( 6,846,972 ) 5,993,727 ( 13,283,190 ) ( 4,296,391 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 2,013,669 ) ( 898,913 ) ( 1,907,904 ) ( 1,705,528 ) Swap agreements ( 4,259,901 ) ( 8,621,838 ) ( 6,926,267 ) ( 4,331,001 ) Change in net unrealized appreciation (depreciation) ( 6,273,570 ) ( 9,520,751 ) ( 8,834,171 ) ( 6,036,529 ) Net realized and unrealized gain (loss) ( 13,120,542 ) ( 3,527,024 ) ( 22,117,361 ) ( 10,332,920 ) Net income (loss) $ ( 12,988,960 ) $ ( 3,019,880 ) $ ( 21,725,209 ) $ ( 9,096,988 ) See accompanying notes to financial statements. F-63 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 35,410,975 $ 76,198,743 $ 23,752,619 $ 65,149,686 Addition of 2,100,000 , 687,500 , 4,750,000 and 2,937,500 shares, respectively 40,349,909 27,486,842 120,402,312 143,592,568 Redemption of 1,500,000 , 1,537,500 , 3,350,000 and 2,987,500 shares, respectively ( 32,419,844 ) ( 68,442,983 ) ( 92,077,642 ) ( 167,422,544 ) Net addition (redemption) of 600,000 , ( 850,000 ), 1,400,000 and ( 50,000 ) shares, respectively 7,930,065 ( 40,956,141 ) 28,324,670 ( 23,829,976 ) Net investment income (loss) 131,582 507,144 392,152 1,235,932 Net realized gain (loss) ( 6,846,972 ) 5,993,727 ( 13,283,190 ) ( 4,296,391 ) Change in net unrealized appreciation (depreciation) ( 6,273,570 ) ( 9,520,751 ) ( 8,834,171 ) ( 6,036,529 ) Net income (loss) ( 12,988,960 ) ( 3,019,880 ) ( 21,725,209 ) ( 9,096,988 ) Shareholders’ equity, end of period $ 30,352,080 $ 32,222,722 $ 30,352,080 $ 32,222,722 See accompanying notes to financial statements. F-64 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 21,725,209 ) $ ( 9,096,988 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments 6,926,267 4,331,001 Decrease (Increase) in receivable on open futures contracts ( 277,366 ) 240,198 Decrease (Increase) in interest receivable ( 7,173 ) 56,956 Increase (Decrease) in payable to Sponsor 1,663 ( 14,490 ) Increase (Decrease) in payable on open futures contracts ( 9,092 ) —   Net cash provided by (used in) operating activities ( 15,090,910 ) ( 4,483,323 ) Cash flow from financing activities Proceeds from addition of shares 120,402,312 144,499,593 Payment on shares redeemed ( 90,529,269 ) ( 167,422,544 ) Net cash provided by (used in) financing activities 29,873,043 ( 22,922,951 ) Net increase (decrease) in cash 14,782,133 ( 27,406,274 ) Cash, beginning of period 20,768,601 64,596,871 Cash, end of period $ 35,550,734 $ 37,190,597 See accompanying notes to financial statements. F-65 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 21,477,909 $ 21,059,078 Segregated cash balances with brokers for foreign currency forward contracts 2,487,690 2,736,018 Unrealized appreciation on foreign currency forward contracts 386,989 2,283,588 Receivable from capital shares sold 4,452,385 —   Interest receivable 83,381 76,797 Total assets 28,888,354 26,155,481 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 21,772 19,957 Unrealized depreciation on foreign currency forward contracts 57,868 55,229 Total liabilities 79,640 75,186 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 28,808,714 26,080,295 Total liabilities and shareholders’ equity $ 28,888,354 $ 26,155,481 Shares outstanding 647,160 547,160 Net asset value per share $ 44.52 $ 47.66 Market value per share (Note 2) $ 44.58 $ 46.68 See accompanying notes to financial statements. F-66 Table of Contents PROSHARES ULTRASHORT YEN SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with Goldman Sachs International 10/10/25 1,489,706,000 $ 10,085,086 $ ( 57,868 ) Yen with UBS AG 10/10/25 895,877,000 6,064,953 56,297 Total Unrealized Depreciation $ ( 1,571 ) Contracts to Sell Yen with Goldman Sachs International 10/10/25 ( 5,019,125,165 ) $ ( 33,978,724 ) $ 191,111 Yen with UBS AG 10/10/25 ( 5,878,242,424 ) ( 39,794,820 ) 139,581 Total Unrealized Appreciation $ 330,692 ^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. See accompanying notes to financial statements. F-67 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 252,079 $ 449,333 $ 669,840 $ 1,220,993 Expenses Management fee 65,061 93,279 172,164 256,361 Total expenses 65,061 93,279 172,164 256,361 Net investment income (loss) 187,018 356,054 497,676 964,632 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 844,126 ( 5,013,671 ) ( 452,892 ) 1,109,169 Short-term U.S. government and agency obligations —   —   91 3,541 Net realized gain (loss) 844,126 ( 5,013,671 ) ( 452,801 ) 1,112,710 Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 616,122 ( 3,366,298 ) ( 1,899,238 ) 1,101,721 Change in net unrealized appreciation (depreciation) 616,122 ( 3,366,298 ) ( 1,899,238 ) 1,101,721 Net realized and unrealized gain (loss) 1,460,248 ( 8,379,969 ) ( 2,352,039 ) 2,214,431 Net income (loss) $ 1,647,266 $ ( 8,023,915 ) $ ( 1,854,363 ) $ 3,179,063 See accompanying notes to financial statements. F-68 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 20,559,703 $ 47,495,032 $ 26,080,295 $ 24,010,010 Addition of 500,000 , 300,000 , 750,000 and 900,000 shares, respectively 22,025,707 12,483,356 32,873,388 37,504,826 Redemption of 350,000 , 400,000 , 650,000 and 700,000 shares, respectively ( 15,423,962 ) ( 17,049,549 ) ( 28,290,606 ) ( 29,788,975 ) Net addition (redemption) of 150,000 , ( 100,000 ), 100,000 and 200,000 shares, respectively 6,601,745 ( 4,566,193 ) 4,582,782 7,715,851 Net investment income (loss) 187,018 356,054 497,676 964,632 Net realized gain (loss) 844,126 ( 5,013,671 ) ( 452,801 ) 1,112,710 Change in net unrealized appreciation (depreciation) 616,122 ( 3,366,298 ) ( 1,899,238 ) 1,101,721 Net income (loss) 1,647,266 ( 8,023,915 ) ( 1,854,363 ) 3,179,063 Shareholders’ equity, end of period $ 28,808,714 $ 34,904,924 $ 28,808,714 $ 34,904,924 See accompanying notes to financial statements. F-69 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 1,854,363 ) $ 3,179,063 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Proceeds from sales or maturities of short-term U.S. government and agency obligations 91 3,541 Net realized (gain) loss on investments ( 91 ) ( 3,541 ) Change in unrealized (appreciation) depreciation on investments 1,899,238 ( 1,101,721 ) Decrease (Increase) in interest receivable ( 6,584 ) ( 34,604 ) Increase (Decrease) in payable to Sponsor 1,815 7,853 Net cash provided by (used in) operating activities 40,106 2,050,591 Cash flow from financing activities Proceeds from addition of shares 28,421,003 37,504,826 Payment on shares redeemed ( 28,290,606 ) ( 29,788,975 ) Net cash provided by (used in) financing activities 130,397 7,715,851 Net increase (decrease) in cash 170,503 9,766,442 Cash, beginning of period 23,795,096 25,242,327 Cash, end of period $ 23,965,599 $ 35,008,769 See accompanying notes to financial statements. F-70 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 38,272,676 $ 24,122,440 Segregated cash balances with brokers for futures contracts 6,226,012 3,959,399 Receivable on open futures contracts —   557 Interest receivable 127,445 99,278 Total assets 44,626,133 28,181,674 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 73,925 50,382 Brokerage commissions and futures account fees payable 1,701 1,656 Payable to Sponsor 27,860 18,426 Total liabilities 103,486 70,464 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 44,522,647 28,111,210 Total liabilities and shareholders’ equity $ 44,626,133 $ 28,181,674 Shares outstanding 2,812,403 1,937,403 Net asset value per share $ 15.83 $ 14.51 Market value per share (Note 2) $ 15.82 $ 14.46 See accompanying notes to financial statements. F-71 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures – Cboe, expires January 2026 422 $ 8,730,547 $ ( 463,832 ) VIX Futures – Cboe, expires February 2026 703 14,846,376 ( 674,131 ) VIX Futures – Cboe, expires March 2026 703 14,926,166 ( 393,315 ) VIX Futures – Cboe, expires April 2026 281 6,027,450 ( 29,900 ) $ ( 1,561,178 ) See accompanying notes to financial statements. F-72 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 322,262 $ 370,229 $ 820,355 $ 1,992,242 Expenses Management fee 74,709 66,736 188,230 354,943 Brokerage commissions 10,101 8,201 28,555 94,413 Futures account fees 4,599 4,605 9,723 21,146 Total expenses 89,409 79,542 226,508 470,502 Net investment income (loss) 232,853 290,687 593,847 1,521,740 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 1,349,262 ) 2,713,658 4,084,920 ( 12,344,229 ) Short-term U.S. government and agency obligations —   271 84 3,549 Net realized gain (loss) ( 1,349,262 ) 2,713,929 4,085,004 ( 12,340,680 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 1,372,511 ) 457,557 ( 1,583,444 ) 4,340,208 Short-term U.S. government and agency obligations —   ( 2,519 ) —   —   Change in net unrealized appreciation (depreciation) ( 1,372,511 ) 455,038 ( 1,583,444 ) 4,340,208 Net realized and unrealized gain (loss) ( 2,721,773 ) 3,168,967 2,501,560 ( 8,000,472 ) Net income (loss) $ ( 2,488,920 ) $ 3,459,654 $ 3,095,407 $ ( 6,478,732 ) See accompanying notes to financial statements. F-73 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 21,537,610 $ 33,401,452 $ 28,111,210 $ 37,866,143 Addition of 1,600,000 , 825,000 , 2,925,000 and 9,450,000 shares, respectively 26,715,374 12,229,924 47,261,354 147,418,801 Redemption of 75,000 , 575,000 , 2,050,000 and 9,125,000 shares, respectively ( 1,241,417 ) ( 10,107,196 ) ( 33,945,324 ) ( 139,822,378 ) Net addition (redemption) of 1,525,000 , 250,000 , 875,000 and 325,000 shares, respectively 25,473,957 2,122,728 13,316,030 7,596,423 Net investment income (loss) 232,853 290,687 593,847 1,521,740 Net realized gain (loss) ( 1,349,262 ) 2,713,929 4,085,004 ( 12,340,680 ) Change in net unrealized appreciation (depreciation) ( 1,372,511 ) 455,038 ( 1,583,444 ) 4,340,208 Net income (loss) ( 2,488,920 ) 3,459,654 3,095,407 ( 6,478,732 ) Shareholders’ equity, end of period $ 44,522,647 $ 38,983,834 $ 44,522,647 $ 38,983,834 See accompanying notes to financial statements. F-74 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 3,095,407 $ ( 6,478,732 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations —   ( 49,330,764 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 84 49,719,851 Net amortization and accretion on short-term U.S. government and agency obligations —   ( 385,538 ) Net realized (gain) loss on investments ( 84 ) ( 3,549 ) Decrease (Increase) in receivable on open futures contracts 557 137,945 Decrease (Increase) in interest receivable ( 28,167 ) 47,971 Increase (Decrease) in payable to Sponsor 9,434 ( 3,138 ) Increase (Decrease) in brokerage commissions and futures account fees payable 45 ( 977 ) Increase (Decrease) in payable on open futures contracts 23,543 474,255 Net cash provided by (used in) operating activities 3,100,819 ( 5,822,676 ) Cash flow from financing activities Proceeds from addition of shares 47,261,354 147,418,801 Payment on shares redeemed ( 33,945,324 ) ( 139,822,378 ) Net cash provided by (used in) financing activities 13,316,030 7,596,423 Net increase (decrease) in cash 16,416,849 1,773,747 Cash, beginning of period 28,081,839 37,611,189 Cash, end of period $ 44,498,688 $ 39,384,936 See accompanying notes to financial statements. F-75 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 129,526,844 and $ 24,931,067 , respectively) $ 129,533,779 $ 24,937,875 Cash 60,490,726 54,919,200 Segregated cash balances with brokers for futures contracts 138,214,552 50,955,604 Receivable on open futures contracts 2,618,122 2,613,474 Interest receivable 616,620 310,926 Total assets 331,473,799 133,737,079 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 1,712,496 —   Brokerage commissions and futures account fees payable 26,111 9,271 Payable to Sponsor 150,710 86,193 Total liabilities 1,889,317 95,464 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 329,584,482 133,641,615 Total liabilities and shareholders’ equity $ 331,473,799 $ 133,737,079 Shares outstanding 10,241,252 2,966,252 Net asset value per share $ 32.18 $ 45.05 Market value per share (Note 2) $ 32.30 $ 45.02 See accompanying notes to financial statements. F-76 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 39 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.329 % due 10/07/25 $ 20,000,000 $ 19,986,434 4.182 % due 10/21/25 10,000,000 9,977,500 4.140 % due 11/04/25 50,000,000 49,809,930 4.203 % due 11/13/25 50,000,000 49,759,915 Total short-term U.S. government and agency obligations (cost $ 129,526,844 ) $ 129,533,779 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires October 2025 10,829 $ 190,460,452 $ ( 10,656,130 ) VIX Futures - Cboe, expires November 2025 7,218 138,940,726 ( 1,004,955 ) $ ( 11,661,085 ) ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-77 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 2,597,119 $ 1,554,282 $ 5,348,650 $ 4,932,465 Expenses Management fee 628,098 298,739 1,280,780 945,176 Brokerage commissions 160,166 109,695 448,329 189,358 Futures account fees 61,987 25,438 150,648 89,976 Total expenses 850,251 433,872 1,879,757 1,224,510 Net investment income (loss) 1,746,868 1,120,410 3,468,893 3,707,955 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 109,920,952 ) 47,467,197 ( 33,147,346 ) ( 11,804,121 ) Short-term U.S. government and agency obligations 100 ( 1,223 ) 727 3,607 Net realized gain (loss) ( 109,920,852 ) 47,465,974 ( 33,146,619 ) ( 11,800,514 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 1,519,372 ) 5,170,981 ( 16,054,412 ) 12,174,255 Short-term U.S. government and agency obligations 6,935 8,134 127 ( 3,751 ) Change in net unrealized appreciation (depreciation) ( 1,512,437 ) 5,179,115 ( 16,054,285 ) 12,170,504 Net realized and unrealized gain (loss) ( 111,433,289 ) 52,645,089 ( 49,200,904 ) 369,990 Net income (loss) $ ( 109,686,421 ) $ 53,765,499 $ ( 45,732,011 ) $ 4,077,945 See accompanying notes to financial statements. F-78 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 164,541,842 $ 148,420,028 $ 133,641,615 $ 157,321,746 Addition of 7,000,000 , 2,637,500 , 14,225,000 and 4,512,500 shares, respectively 284,674,514 119,479,226 617,353,813 215,111,517 Redemption of 275,000 , 2,725,000 , 6,950,000 and 3,712,500 shares, respectively ( 9,945,453 ) ( 158,267,320 ) ( 375,678,935 ) ( 213,113,775 ) Net addition (redemption) of 6,725,000 , ( 87,500 ), 7,275,000 and 800,000 shares, respectively 274,729,061 ( 38,788,094 ) 241,674,878 1,997,742 Net investment income (loss) 1,746,868 1,120,410 3,468,893 3,707,955 Net realized gain (loss) ( 109,920,852 ) 47,465,974 ( 33,146,619 ) ( 11,800,514 ) Change in net unrealized appreciation (depreciation) ( 1,512,437 ) 5,179,115 ( 16,054,285 ) 12,170,504 Net income (loss) ( 109,686,421 ) 53,765,499 ( 45,732,011 ) 4,077,945 Shareholders’ equity, end of period $ 329,584,482 $ 163,397,433 $ 329,584,482 $ 163,397,433 See accompanying notes to financial statements. F-79 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 45,732,011 ) $ 4,077,945 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 397,638,916 ) ( 242,444,601 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 294,724,927 239,782,389 Net amortization and accretion on short-term U.S. government and agency obligations ( 1,681,061 ) ( 2,462,980 ) Net realized (gain) loss on investments ( 727 ) ( 3,607 ) Change in unrealized (appreciation) depreciation on investments ( 127 ) 3,751 Decrease (Increase) in receivable on open futures contracts ( 4,648 ) 2,362,837 Decrease (Increase) in interest receivable ( 305,694 ) ( 30,058 ) Increase (Decrease) in payable to Sponsor 64,517 12,394 Increase (Decrease) in brokerage commissions and futures account fees payable 16,840 ( 5,916 ) Increase (Decrease) in payable on open futures contracts 1,712,496 2,827,581 Net cash provided by (used in) operating activities ( 148,844,404 ) 4,119,735 Cash flow from financing activities Proceeds from addition of shares 617,353,813 215,111,517 Payment on shares redeemed ( 375,678,935 ) ( 213,113,775 ) Net cash provided by (used in) financing activities 241,674,878 1,997,742 Net increase (decrease) in cash 92,830,474 6,117,477 Cash, beginning of period 105,874,804 95,126,975 Cash, end of period $ 198,705,278 $ 101,244,452 See accompanying notes to financial statements. F-80 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF FINANCIAL CONDITION September 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 2,242,816,917 and $ 473,690,268 , respectively) $ 2,242,894,070 $ 473,819,625 Cash 914,912,676 1,765,501,542 Segregated cash balances with brokers for futures contracts 1,057,475,757 622,689,660 Segregated cash balances with brokers for foreign currency forward contracts 13,926,728 16,562,030 Segregated cash balances with brokers for swap agreements 174,387,662 172,690,806 Unrealized appreciation on swap agreements 138,416,724 41,311,209 Unrealized appreciation on foreign currency forward contracts 399,316 3,621,921 Receivable from capital shares sold 28,501,972 14,352,999 Receivable on open futures contracts 44,189,812 35,746,889 Interest receivable 6,499,218 5,627,491 Total assets 4,621,603,935 3,151,924,172 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 67,884,921 20,192,198 Payable on open futures contracts 19,871,076 44,527,123 Brokerage commissions and futures account fees payable 128,953 59,280 Payable to Sponsor 3,230,935 2,525,993 Unrealized depreciation on swap agreements 9,115,646 54,867,040 Unrealized depreciation on foreign currency forward contracts 823,326 4,618,937 Total liabilities 101,054,857 126,790,571 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 4,520,549,078 3,025,133,601 Total liabilities and shareholders’ equity $ 4,621,603,935 $ 3,151,924,172 Shares outstanding (Note 1) 167,898,328 98,048,396 See accompanying notes to financial statements. F-81 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment Income Interest $ 35,035,517 $ 39,528,194 $ 97,594,828 $ 106,909,661 Expenses Management fee 9,646,879 7,995,932 25,738,122 22,614,312 Brokerage commissions 2,069,590 2,024,482 6,222,172 5,855,049 Futures account fees 376,767 171,268 926,217 571,653 Total expenses 12,093,236 10,191,682 32,886,511 29,041,014 Net investment income (loss) 22,942,281 29,336,512 64,708,317 77,868,647 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 479,137,704 ) ( 307,323,493 ) 34,173,246 ( 402,765,202 ) Swap agreements 138,642,579 ( 135,617,033 ) 281,439,795 101,481,166 Foreign currency forward contracts ( 3,619,358 ) 685,622 ( 6,636,327 ) ( 706,613 ) Short-term U.S. government and agency obligations 1,963 ( 2,730 ) ( 7,238 ) 68,411 Net realized gain (loss) ( 344,112,520 ) ( 442,257,634 ) 308,969,476 ( 301,922,238 ) Change in net unrealized appreciation (depreciation) on Futures contracts 262,020,671 310,081,124 157,783,445 140,846,867 Swap agreements 134,779,200 92,748,602 142,856,909 79,434,255 Foreign currency forward contracts 409,398 ( 1,808,721 ) 573,006 559,336 Short-term U.S. government and agency obligations 73,421 229,199 ( 52,204 ) 103,742 Change in net unrealized appreciation (depreciation) 397,282,690 401,250,204 301,161,156 220,944,200 Net realized and unrealized gain (loss) 53,170,170 ( 41,007,430 ) 610,130,632 ( 80,978,038 ) Net income (loss) $ 76,112,451 $ ( 11,670,918 ) $ 674,838,949 $ ( 3,109,391 ) See accompanying notes to financial statements. F-82 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 3,651,955,802 $ 3,121,155,340 $ 3,025,133,601 $ 3,282,832,126 Addition of 119,050,000 , 76,550,000 , 388,950,000 and 163,565,000 shares, respectively (Note 1) 2,984,794,086 2,755,933,016 10,372,706,221 6,212,835,038 Redemption of 77,150,000 , 66,167,500 , 319,100,068 and 153,621,248 shares, respectively (Note 1) ( 2,192,313,261 ) ( 2,396,205,904 ) ( 9,552,129,693 ) ( 6,023,346,239 ) Net addition (redemption) of 41,900,000 , 10,382,500 , 69,849,932 and 9,943,752 shares, respectively (Note 1) 792,480,825 359,727,112 820,576,528 189,488,799 Net investment income (loss) 22,942,281 29,336,512 64,708,317 77,868,647 Net realized gain (loss) ( 344,112,520 ) ( 442,257,634 ) 308,969,476 ( 301,922,238 ) Change in net unrealized appreciation (depreciation) 397,282,690 401,250,204 301,161,156 220,944,200 Net income (loss) 76,112,451 ( 11,670,918 ) 674,838,949 ( 3,109,391 ) Shareholders’ equity, end of period $ 4,520,549,078 $ 3,469,211,534 $ 4,520,549,078 $ 3,469,211,534 See accompanying notes to financial statements. F-83 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 674,838,949 $ ( 3,109,391 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 9,425,920,779 ) ( 5,040,839,051 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 7,699,905,958 4,121,998,020 Net amortization and accretion on short-term U.S. government and agency obligations ( 43,119,066 ) ( 49,334,959 ) Net realized (gain) loss on investments 7,238 ( 68,411 ) Change in unrealized (appreciation) depreciation on investments ( 143,377,711 ) ( 80,097,333 ) Decrease (Increase) in receivable on futures contracts ( 8,442,923 ) ( 2,257,567 ) Decrease (Increase) in interest receivable ( 871,727 ) 828,668 Increase (Decrease) in payable to Sponsor 704,942 ( 76,656 ) Increase (Decrease) in brokerage commissions and futures account fees payable 69,673 ( 85,759 ) Increase (Decrease) in payable on futures contracts ( 24,656,047 ) ( 12,205,145 ) Net cash provided by (used in) operating activities ( 1,270,861,493 ) ( 1,065,247,584 ) Cash flow from financing activities Proceeds from addition of shares 10,358,557,248 6,232,893,251 Payment on shares redeemed ( 9,504,436,970 ) ( 5,988,506,513 ) Net cash provided by (used in) financing activities 854,120,278 244,386,738 Net increase (decrease) in cash ( 416,741,215 ) ( 820,860,846 ) Cash, beginning of period 2,577,444,038 2,597,706,107 Cash, end of period $ 2,160,702,823 $ 1,776,845,261 See accompanying notes to financial statements. F-84 Table of Contents PROSHARES TRUST II NOTES TO FINANCIAL STATEMENTS September 30, 2025 (unaudited) NOTE 1 - ORGANIZATION ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of September 30, 2025, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. (“NYSE Arca”). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements. The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $ 350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen. Groups of Funds are collectively referred to in several different ways. References to “Short Fund,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories. The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation. The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -2x, 1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly. Share Splits and Reverse Share Splits The table below includes forward and reverse Share splits for the Funds during the nine months September 30, 2025, and during the year ended December 31, 2024. The ticker symbols for these Funds did not change, and each Fund continues to trade on its primary listing exchange, as applicable. F-85 Table of Contents Fund Execution Date (Prior to Opening of Trading) Type of Split Date Trading Resumed at Post- Split Price ProShares Short VIX Short-Term Futures April 10, 2024 2-for-1 forward Share split April 11, 2024 ProShares UltraShort Bloomberg Natural Gas April 10, 2024 2-for-1 forward Share split April 11, 2024 ProShares Ultra VIX Short-Term Futures April 10, 2024 1-for-5 reverse Share split April 11, 2024 ProShares VIX Short-Term Futures November 6, 2024 1-for-4 reverse Share split November 7, 2024 ProShares Ultra Bloomberg Natural Gas November 6, 2024 1-for-5 reverse Share split November 7, 2024 ProShares UltraShort Silver November 6, 2024 1-for-4 reverse Share split November 7, 2024 ProShares UltraShort Yen November 6, 2024 2-for-1 forward Share split November 7, 2024 ProShares Ultra Gold June 12, 2025 4-for-1 forward Share split June 13, 2025 ProShares UltraShort Gold June 12, 2025 1-for-2 reverse Share split June 13, 2025 The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split. The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s and the Funds’ financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 28, 2025. Use of Estimates & Indemnifications The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of material or significant loss to be remote. Basis of Presentation Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund. F-86 Table of Contents Statements of Cash Flows The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated September 30, 2025 and 2024, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments. Final Net Asset Value for Fiscal Period The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the nine months ended September 30, 2025 were typically as follows. All times are Eastern Standard Time: Create/Redeem NAV Calculation NAV Fund Cut-off* Time Calculation Date Ultra Silver and UltraShort Silver 1:00 p.m. 1:25 p.m. September 30, 2025 Ultra Gold and UltraShort Gold 1:00 p.m. 1:30 p.m. September 30, 2025 Ultra Bloomberg Crude Oil, Ultra Bloomberg Natural Gas, UltraShort Bloomberg Crude Oil and September 30, 2025 UltraShort Bloomberg Natural Gas 2:00 p.m. 2:30 p.m. September 30, 2025 Ultra Euro, September 30, 2025 Ultra Yen, September 30, 2025 UltraShort Euro and UltraShort Yen 3:00 p.m. 4:00 p.m. September 30, 2025 Short VIX Short-Term Futures ETF, September 30, 2025 Ultra VIX Short-Term Futures ETF, September 30, 2025 VIX Mid-Term Futures ETF and VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m . September 30, 2025 * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the nine months ended September 30, 2025. Market value per Share is determined at the close of the applicable primary listing exchange and may be later than when the Funds’ NAV per Share is calculated. For financial reporting purposes, the Funds value investment transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the nine months ended September 30, 2025. Investment Valuation Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy. Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. These instruments are classified as Level II in the fair value hierarchy. Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy. F-87 Table of Contents Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements. Fair Value of Financial Instruments The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety. Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. F-88 Table of Contents The following table summarizes the valuation of investments at September 30, 2025 using the fair value hierarchy: Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ 89,767,081 $ 6,713,866 $ —  $ —  $ 96,480,947 ProShares Ultra Bloomberg Crude Oil 154,501,105 1,336,739 —  ( 1,044,339 ) 154,793,505 ProShares Ultra Bloomberg Natural Gas 308,827,473 ( 1,049,205 ) —  —  307,778,268 ProShares Ultra Euro —  —  9,341 —  9,341 ProShares Ultra Gold 608,009,273 101,806,050 —  34,537,917 744,353,240 ProShares Ultra Silver 742,885,457 143,513,534 —  103,878,807 990,277,798 ProShares Ultra VIX Short-Term Futures ETF 109,562,859 ( 36,096,377 ) —  —  73,466,482 ProShares Ultra Yen —  —  ( 685,633 ) —  ( 685,633 ) ProShares UltraShort Bloomberg Crude Oil 34,960,542 12,128,689 —  —  47,089,231 ProShares UltraShort Bloomberg Natural Gas 64,846,501 13,136,253 —  —  77,982,754 ProShares UltraShort Euro —  —  ( 76,839 ) —  ( 76,839 ) ProShares UltraShort Gold —  ( 2,081,600 ) —  ( 4,099,058 ) ( 6,180,658 ) ProShares UltraShort Silver —  ( 1,395,989 ) —  ( 3,972,249 ) ( 5,368,238 ) ProShares UltraShort Yen —  —  329,121 —  329,121 ProShares VIX Mid-Term Futures ETF —  ( 1,561,178 ) —  —  ( 1,561,178 ) ProShares VIX Short-Term Futures ETF 129,533,779 ( 11,661,085 ) —  —  117,872,694 Combined Trust: $ 2,242,894,070 $ 224,789,697 $ ( 424,010 ) $ 129,301,078 $ 2,596,560,835 * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. There were no transfers into or out of Level 3 for the quarter ended September 30, 2025. F-89 Table of Contents The following table summarizes the valuation of investments at December 31, 2024 using the fair value hierarchy: Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ 24,937,875 $ ( 3,008,751 ) $ —  $ —  $ 21,929,124 ProShares Ultra Bloomberg Crude Oil 99,751,500 10,864,085 —  38,215,610 148,831,195 ProShares Ultra Bloomberg Natural Gas 99,751,500 97,239,201 —  —  196,990,701 ProShares Ultra Euro —  —  ( 167,128 ) —  ( 167,128 ) ProShares Ultra Gold 74,813,625 ( 423,408 ) —  ( 2,348,132 ) 72,042,085 ProShares Ultra Silver 124,689,375 ( 28,903,535 ) —  ( 52,518,908 ) 43,266,932 ProShares Ultra VIX Short-Term Futures ETF 24,937,875 13,975,992 —  —  38,913,867 ProShares Ultra Yen —  —  ( 4,215,297 ) —  ( 4,215,297 ) ProShares UltraShort Bloomberg Crude Oil —  ( 1,655,392 ) —  —  ( 1,655,392 ) ProShares UltraShort Bloomberg Natural Gas —  ( 26,130,504 ) —  —  ( 26,130,504 ) ProShares UltraShort Euro —  —  1,157,050 —  1,157,050 ProShares UltraShort Gold —  121,056 —  141,581 262,637 ProShares UltraShort Silver —  511,915 —  2,954,018 3,465,933 ProShares UltraShort Yen —  —  2,228,359 —  2,228,359 ProShares VIX Mid-Term Futures ETF —  22,266 —  —  22,266 ProShares VIX Short-Term Futures ETF 24,937,875 4,393,327 —  —  29,331,202 Combined Trust: $ 473,819,625 $ 67,006,252 $ ( 997,016 ) $ ( 13,555,831 ) $ 526,273,030 * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. There were no transfers into or out of Level 3 for the year ended December 31, 2024. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. Investment Transactions and Related Income Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations. Interest income is generally recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations and is reflected in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts. Brokerage Commissions and Futures Account Fees Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02 % of the Matching VIX Fund’s average net assets annually. F-90 Table of Contents Federal Income Tax Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year. Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., last three years and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof. Recently Issued Accounting Pronouncement In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments were issued to enhance transparency and decision usefulness of income tax disclosures related to rate reconciliation and income taxes paid information. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements. Segment Reporting Each Fund included herein is deemed to be an individual reporting segment and the officers of ProShares Trust II, collectively act as the chief operating decision maker (“CODM”). The CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is guided by each Fund’s investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s financial statements. NOTE 3 – INVESTMENTS Short-Term Investments The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. Repurchase Agreements The Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Sponsor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The collateral underlying the repurchase agreement is held by the Fund’s custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy, or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Sponsor. As of September 30, 2025 and December 31, 2024, the Funds did not have any open repurchase agreements. F-91 Table of Contents Accounting for Derivative Instruments In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective. All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period. Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type. Futures Contracts The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying Index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract. Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. F-92 Table of Contents Option Contracts An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed. Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof. The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss. Each Oil Fund (ProShares UltraShort Bloomberg Crude Oil and ProShares Ultra Bloomberg Crude Oil) may, but is not required to, seek to use swap agreements or options strategies that limit losses (i.e., have “floors”) or are otherwise designed to prevent the Fund’s net asset value from going to zero. These investment strategies will not prevent an Oil Fund from losing value, and their use may not prevent a Fund’s NAV from going to zero. Rather, they are intended to allow an Oil Fund to preserve a small portion of its value in the event of significant movements in its benchmark or Financial Instruments based on its benchmark. There can be no guarantee that an Oil Fund will be able to implement such strategies, continue to use such strategies, or that such strategies will be successful. Each Oil Fund will incur additional costs as a result of using such strategies. Use of strategies designed to limit losses may also place “caps” or “ceilings” on performance and could significantly limit Fund gains, could cause a Fund to perform in a manner not consistent with its investment objective and could otherwise have a significant impact on Fund performance. F-93 Table of Contents Swap Agreements Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments. Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.” Swap agreements are generally valued at the last settled price of the benchmark referenced asset. Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques. Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. All of the outstanding swap agreements at September 30, 2025 contractually terminate within one month but may be terminated without penalty by either party at any time. Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount. The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. F-94 Table of Contents The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of September 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Forward Contracts Certain of the Funds enter into forward contracts for the purpose of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contracts are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in increased reporting requirements. The Funds may collateralize OTC forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at a third party custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of September 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin. A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor. F-95 Table of Contents The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. The following tables indicate the location of derivative related items on the Statements of Financial Condition as well as the effect of derivative instruments on the Statements of Operations during the reporting period. F-96 Table of Contents Fair Value of Derivative Instruments as of September 30, 2025 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ 6,713,866 * $ —  ProShares Ultra VIX Short-Term Futures ETF —  36,096,377 * ProShares VIX Mid-Term Futures ETF —  1,561,178 * ProShares VIX Short-Term Futures ETF —  11,661,085 * Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements ProShares Ultra Bloomberg Crude Oil 2,073,863 * 1,781,463 * ProShares Ultra Bloomberg Natural Gas —  1,049,205 * ProShares Ultra Gold 136,343,967 * —  ProShares Ultra Silver 247,392,341 * —  ProShares UltraShort Bloomberg Crude Oil 12,128,689 * —  ProShares UltraShort Bloomberg Natural Gas 13,136,253 * —  ProShares UltraShort Gold —  6,180,658 * ProShares UltraShort Silver —  5,368,238 * Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro 10,075 734 ProShares Ultra Yen 1,384 687,017 ProShares UltraShort Euro 868 77,707 ProShares UltraShort Yen 386,989 57,868 Combined Trust: $ 418,188,295 * $ 64,521,530 * * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. F-97 Table of Contents Fair Value of Derivative Instruments as of December 31, 2024 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ 482,967 * $ 3,491,718 * ProShares Ultra VIX Short-Term Futures ETF 15,626,836 * 1,650,844 * ProShares VIX Mid-Term Futures ETF 240,639 * 218,373 * ProShares VIX Short-Term Futures ETF 5,943,933 * 1,550,606 * Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements ProShares Ultra Bloomberg Crude Oil 49,079,695 * —  ProShares Ultra Bloomberg Natural Gas 97,239,201 * —  ProShares Ultra Gold —  2,771,540 * ProShares Ultra Silver —  81,422,443 * ProShares UltraShort Bloomberg Crude Oil 1,888,681 * 3,544,073 * ProShares UltraShort Bloomberg Natural Gas —  26,130,504 * ProShares UltraShort Gold 262,637 * —  ProShares UltraShort Silver 3,465,933 * —  Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro 2,312 169,440 ProShares Ultra Yen 146,194 4,361,491 ProShares UltraShort Euro 1,189,827 32,777 ProShares UltraShort Yen 2,283,588 55,229 Combined Trust: $ 177,852,443 * $ 125,399,038 * * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. F-98 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the three months ended September 30, 2025 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ 46,614,443 $ ( 3,678,476 ) ProShares Ultra VIX Short-Term Futures ETF ( 410,233,402 ) 19,280,389 ProShares VIX Mid-Term Futures ETF ( 1,349,262 ) ( 1,372,511 ) ProShares VIX Short-Term Futures ETF ( 109,920,952 ) ( 1,519,372 ) Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements ProShares Ultra Bloomberg Crude Oil 15,487,274 ( 7,013,761 ) ProShares Ultra Bloomberg Natural Gas ( 163,780,916 ) 28,718,499 ProShares Ultra Gold 38,694,044 144,525,613 ProShares Ultra Silver 138,583,518 263,001,662 ProShares UltraShort Bloomberg Crude Oil 4,631,229 ( 3,727,299 ) ProShares UltraShort Bloomberg Natural Gas 116,766,252 ( 27,090,196 ) ProShares UltraShort Gold ( 9,140,381 ) ( 8,051,107 ) ProShares UltraShort Silver ( 6,846,972 ) ( 6,273,570 ) Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro 220,691 ( 434,179 ) ProShares Ultra Yen ( 3,272,292 ) ( 1,422,005 ) ProShares UltraShort Euro ( 1,411,883 ) 1,649,460 ProShares UltraShort Yen 844,126 616,122 Combined Trust $ ( 344,114,483 ) $ 397,209,269 F-99 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the nine months ended September 30, 2025 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ 28,979,595 $ 9,722,617 ProShares Ultra VIX Short-Term Futures ETF ( 254,266,766 ) ( 50,072,369 ) ProShares VIX Mid-Term Futures ETF 4,084,920 ( 1,583,444 ) ProShares VIX Short-Term Futures ETF ( 33,147,346 ) ( 16,054,412 ) Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements ProShares Ultra Bloomberg Crude Oil 2,411,929 ( 48,787,295 ) ProShares Ultra Bloomberg Natural Gas 46,482,203 ( 98,288,406 ) ProShares Ultra Gold 183,280,669 139,115,507 ProShares Ultra Silver 292,493,148 328,814,784 ProShares UltraShort Bloomberg Crude Oil 45,775,241 13,784,081 ProShares UltraShort Bloomberg Natural Gas 19,539,524 39,266,757 ProShares UltraShort Gold ( 6,736,886 ) ( 6,443,295 ) ProShares UltraShort Silver ( 13,283,190 ) ( 8,834,171 ) Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro 997,841 176,469 ProShares Ultra Yen ( 201,447 ) 3,529,664 ProShares UltraShort Euro ( 6,979,829 ) ( 1,233,889 ) ProShares UltraShort Yen ( 452,892 ) ( 1,899,238 ) Combined Trust: $ 308,976,714 $ 301,213,360 F-100 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the three months ended September 30, 2024 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ ( 7,503,293 ) $ ( 4,219,681 ) ProShares Ultra VIX Short-Term Futures ETF ( 36,612,575 ) 14,558,661 ProShares VIX Mid-Term Futures ETF 2,713,658 457,557 ProShares VIX Short-Term Futures ETF 47,467,197 5,170,981 Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements ProShares Ultra Bloomberg Crude Oil ( 66,825,983 ) ( 59,088,544 ) ProShares Ultra Bloomberg Natural Gas ( 372,130,469 ) 260,225,054 ProShares Ultra Gold 12,042,718 41,928,337 ProShares Ultra Silver ( 129,011,226 ) 182,392,300 ProShares UltraShort Bloomberg Crude Oil 12,329,007 28,461,478 ProShares UltraShort Bloomberg Natural Gas 90,006,232 ( 55,772,673 ) ProShares UltraShort Gold ( 1,409,519 ) ( 1,762,993 ) ProShares UltraShort Silver 5,993,727 ( 9,520,751 ) Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro 182,638 187,048 ProShares Ultra Yen 6,834,509 2,618,114 ProShares UltraShort Euro ( 1,317,854 ) ( 1,247,585 ) ProShares UltraShort Yen ( 5,013,671 ) ( 3,366,298 ) Combined Trust $ ( 442,254,904 ) $ 401,021,005 F-101 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the nine months ended September 30, 2024 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ 47,755,573 $ ( 13,025,106 ) ProShares Ultra VIX Short-Term Futures ETF ( 185,028,990 ) 39,537,652 ProShares VIX Mid-Term Futures ETF $ ( 12,344,229 ) $ 4,340,208 ProShares VIX Short-Term Futures ETF ( 11,804,121 ) 12,174,255 Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements ProShares Ultra Bloomberg Crude Oil 33,249,538 ( 4,698,210 ) ProShares Ultra Bloomberg Natural Gas ( 402,539,202 ) 63,582,315 ProShares Ultra Gold 62,081,810 27,433,120 ProShares Ultra Silver 87,198,503 116,742,146 ProShares UltraShort Bloomberg Crude Oil ( 330,018 ) ( 7,530,570 ) ProShares UltraShort Bloomberg Natural Gas 90,097,297 ( 11,395,023 ) ProShares UltraShort Gold ( 5,323,806 ) ( 843,136 ) ProShares UltraShort Silver ( 4,296,391 ) ( 6,036,529 ) Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro 107,862 ( 260,299 ) ProShares Ultra Yen ( 562,689 ) ( 1,803,229 ) ProShares UltraShort Euro ( 1,360,955 ) 1,521,143 ProShares UltraShort Yen 1,109,169 1,101,721 Combined Trust: $ ( 301,990,649 ) $ 220,840,458 F-102 Table of Contents Offsetting Assets and Liabilities Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2025. Fair Values of Derivative Instruments as of September 30, 2025 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ —   $ —   $ —   $ 1,044,339 $ —   $ 1,044,339 ProShares Ultra Euro Foreign currency forward contracts 10,075 —   10,075 734 —   734 ProShares Ultra Gold Swap agreements 34,537,917 —   34,537,917 —   —   —   ProShares Ultra Silver Swap agreements 103,878,807 —   103,878,807 —   —   —   ProShares Ultra Yen Foreign currency forward contracts 1,384 —   1,384 687,017 —   687,017 ProShares UltraShort Euro Foreign currency forward contracts 868 —   868 77,707 —   77,707 ProShares UltraShort Gold Swap agreements —   —   —   4,099,058 —   4,099,058 ProShares UltraShort Silver Swap agreements —   —   —   3,972,249 —   3,972,249 ProShares UltraShort Yen Foreign currency forward contracts 386,989 —   386,989 57,868 —   57,868 Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at September 30, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”. F-103 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 2025 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank, N.A. $ ( 94,664 ) $ —   $ 94,664 $ —   Goldman Sachs International ( 410,781 ) —   410,781 —   Morgan Stanley & Co. International PLC ( 124,789 ) 124,789 —   —   Societe Generale ( 301,797 ) —   301,797 —   UBS AG ( 112,308 ) —   112,308 —   ProShares Ultra Euro Goldman Sachs International 4,940 —   —   4,940 UBS AG 4,401 —   —   4,401 ProShares Ultra Gold Citibank, N.A. 21,409,914 ( 19,989,067 ) ( 6,020 ) 1,414,827 Goldman Sachs International 4,692,107 ( 4,376,960 ) —   315,147 UBS AG 8,435,896 ( 7,786,199 ) —   649,697 ProShares Ultra Silver Citibank, N.A. 47,585,640 ( 47,421,157 ) ( 164,483 ) —   Goldman Sachs International 3,972,149 ( 3,972,149 ) —   —   Morgan Stanley & Co. International PLC 26,949,501 ( 26,675,663 ) ( 273,838 ) —   UBS AG 25,371,517 ( 25,371,517 ) —   —   ProShares Ultra Yen Goldman Sachs International ( 329,587 ) —   329,587 —   UBS AG ( 356,046 ) —   356,046 —   ProShares UltraShort Euro Goldman Sachs International ( 53,513 ) —   53,513 —   UBS AG ( 23,326 ) —   23,326 —   ProShares UltraShort Gold Citibank, N.A. ( 2,973,639 ) —   2,973,639 —   Goldman Sachs International ( 441,755 ) —   441,755 —   UBS AG ( 683,664 ) —   683,664 —   ProShares UltraShort Silver Citibank, N.A. ( 1,728,291 ) —   1,728,291 —   Goldman Sachs International ( 1,766,648 ) —   1,766,648 —   Morgan Stanley & Co. International PLC ( 243,755 ) —   243,755 —   UBS AG ( 233,555 ) —   233,555 —   ProShares UltraShort Yen Goldman Sachs International 133,243 ( 133,243 ) —   —   UBS AG 195,878 ( 195,878 ) —   —   The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2024: F-104 Table of Contents Fair Values of Derivative Instruments as of December 31, 2024 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ 38,215,610 $ —   $ 38,215,610 $ —   $ —   $ —   ProShares Ultra Euro Foreign currency forward contracts 2,312 —   2,312 169,440 —   169,440 ProShares Ultra Gold Swap agreements —   —   —   2,348,132 —   2,348,132 ProShares Ultra Silver Swap agreements —   —   —   52,518,908 —   52,518,908 ProShares Ultra Yen Foreign currency forward contracts 146,194 —   146,194 4,361,491 —   4,361,491 ProShares UltraShort Euro Foreign currency forward contracts 1,189,827 —   1,189,827 32,777 —   32,777 ProShares UltraShort Gold Swap agreements 141,581 —   141,581 —   —   —   ProShares UltraShort Silver Swap agreements 2,954,018 —   2,954,018 —   —   —   ProShares UltraShort Yen Foreign currency forward contracts 2,283,588 —   2,283,588 55,229 —   55,229 Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2024. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments” F-105 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank, N.A. $ 7,607,910 $ ( 6,395,678 ) $ —   $ 1,212,232 Goldman Sachs International 12,024,863 ( 10,093,437 ) —   1,931,426 Morgan Stanley & Co. 3,652,992 ( 3,010,925 ) —   642,067 International PLC Societe Generale 9,139,394 ( 7,689,268 ) —   1,450,126 UBS AG 5,790,451 ( 4,212,271 ) —   1,578,180 ProShares Ultra Euro Goldman Sachs International ( 84,115 ) —   84,115 —   UBS AG ( 83,013 ) —   83,013 —   ProShares Ultra Gold Citibank, N.A. ( 1,008,254 ) 1,008,254 —   —   Goldman Sachs International ( 478,889 ) 478,889 —   —   UBS AG ( 860,989 ) 860,989 —   —   ProShares Ultra Silver Citibank, N.A. ( 23,367,397 ) 15,165,751 8,201,646 —   Goldman Sachs International ( 2,057,658 ) 2,057,658 —   —   Morgan Stanley & Co. ( 13,960,418 ) —   13,960,418 —   International PLC UBS AG ( 13,133,435 ) 13,133,435 —   —   ProShares Ultra Yen Goldman Sachs International ( 2,164,084 ) —   2,164,084 —   UBS AG ( 2,051,213 ) —   2,051,213 —   ProShares UltraShort Euro Goldman Sachs International 584,165 ( 507,449 ) —   76,716 UBS AG 572,885 ( 271,576 ) —   301,309 ProShares UltraShort Gold Citibank, N.A. 32,589 —   —   32,589 Goldman Sachs International 42,928 —   —   42,928 UBS AG 66,064 —   —   66,064 ProShares UltraShort Silver Citibank, N.A. 1,653,589 ( 1,565,508 ) —   88,081 Goldman Sachs International 907,867 ( 865,802 ) —   42,065 Morgan Stanley & Co. 125,172 —   —   125,172 International PLC UBS AG 267,390 —   —   267,390 ProShares UltraShort Yen Goldman Sachs International 1,253,912 ( 1,241,201 ) —   12,711 UBS AG 974,447 ( 954,822 ) —   19,625 NOTE 4 —  AGREEMENTS Management Fee Each Leveraged Fund, and each Geared VIX Fund, pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95 % per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85 % per annum of its average daily NAV of such Fund. Each Fund accrues the Management Fee daily at an annualized rate based on its average daily net assets. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, (i) the fees and expenses of the Administrator, Custodian, Transfer Agent, Distributor (as each is defined below), and ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, as well as accounting and auditing fees and expenses, (ii) any Index licensors for the Funds; and (iii) the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations. Fees associated with a Fund’s trading operations may include expenses such as tax preparation expenses, legal fees not in excess of $ 100,000 per annum, ongoing SEC registration fees not exceeding 0.021 % per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10 % per annum of the net assets of a Fund, and report preparation and mailing expenses. F-106 Table of Contents Non-Recurring Fees and Expenses Each Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds. The Administrator BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNY Mellon”), serves as the Administrator of the Funds (the “Administrator”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) in connection therewith. Pursuant to the terms of the Administration and Accounting Agreement and under the supervision and direction of the Sponsor and the Trust, BNY Mellon prepares and files certain regulatory filings on behalf of the Funds. BNY Mellon may also perform other services for the Funds pursuant to the Administration and Accounting Agreement as mutually agreed upon by the Sponsor, the Trust and BNY Mellon from time to time. The Administrator’s fees are paid on behalf of the Funds by the Sponsor. The Custodian BNY Mellon serves as the Custodian of the Funds (the “Custodian”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into a custody agreement (the “Custody Agreement”) in connection therewith. Pursuant to the terms of the Custody Agreement, BNY Mellon is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BNY Mellon by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor. The Transfer Agent BNY Mellon serves as the Transfer Agent of the Funds (the “Transfer Agent”) for entities that have entered into an Authorized Participant Agreement with one or more of the Funds (“Authorized Participants”) and has entered into a transfer agency and service agreement (the “Transfer Agency and Service Agreement”). Pursuant to the terms of the Transfer Agency and Service Agreement, BNY Mellon is responsible for processing purchase and redemption orders and maintaining records of ownership of the Funds. The Transfer Agent Fees are paid on behalf of the Funds by the Sponsor. The Distributor SEI Investments Distribution Co. (“SEI”) serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds. NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the reverse share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts. Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors. F-107 Table of Contents Transaction Fees on Creation and Redemption Transactions The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date. Authorized Participants may pay a fixed transaction fee (typically $ 250 ) in connection with each order to create or redeem a Creation Unit in order to compensate BNY Mellon, as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10 % (and a variable transaction fee to the Matching VIX Funds of up to 0.05 %) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market. Transaction fees for the three and nine months ended September 30, 2025 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows: Three Months Ended Nine Months Ended Fund September 30, 2025 September 30, 2025 ProShares Short VIX Short-Term Futures ETF $ 24,452 $ 460,116 ProShares Ultra Bloomberg Crude Oil —   —   ProShares Ultra Bloomberg Natural Gas —   —   ProShares Ultra Euro —   —   ProShares Ultra Gold —   —   ProShares Ultra Silver —   —   ProShares Ultra VIX Short-Term Futures ETF 447,752 2,351,278 ProShares Ultra Yen —   —   ProShares UltraShort Bloomberg Crude Oil —   —   ProShares UltraShort Bloomberg Natural Gas —   —   ProShares UltraShort Euro —   —   ProShares UltraShort Gold —   —   ProShares UltraShort Silver —   —   ProShares UltraShort Yen —   —   ProShares VIX Mid-Term Futures ETF 8,343 24,126 ProShares VIX Short-Term Futures ETF 145,387 418,193 Combined Trust: $ 625,934 $ 3,253,713 F-108 Table of Contents NOTE 6 – FINANCIAL HIGHLIGHTS Selected data for a Share outstanding throughout the three months ended September 30, 2025 For the Three Months Ended September 30, 2025 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold Ultra Silver Net asset value, at June 30, 2025 $ 42.62 $ 22.49 $ 46.35 $ 13.40 $ 34.40 $ 47.07 Net investment income (loss) 0.28 0.10 0.18 0.09 0.28 0.34 Net realized and unrealized gain (loss)# 8.12 ( 0.21 ) ( 17.02 ) ( 0.27 ) 11.04 28.25 Change in net asset value from operations 8.40 ( 0.11 ) ( 16.84 ) ( 0.18 ) 11.32 28.59 Net asset value, at September 30, 2025 $ 51.02 $ 22.38 $ 29.51 $ 13.22 $ 45.72 $ 75.66 Market value per share, at June 30, 2025 † $ 42.60 $ 22.41 $ 46.08 $ 13.37 $ 34.66 $ 47.49 Market value per share, at September 30, 2025 † $ 50.94 $ 22.48 $ 29.99 $ 13.21 $ 46.06 $ 76.24 Total Return, at net asset value^ 19.7 % ( 0.5 )% ( 36.3 )% ( 1.3 )% 32.9 % 60.7 % Total Return, at market value^ 19.6 % 0.3 % ( 34.9 )% ( 1.2 )% 32.9 % 60.5 % Ratios to Average Net Assets** Expense ratio^^ 1.18 % 1.00 % 1.35 % 0.95 % 0.96 % 0.97 % Net investment income gain (loss) 2.41 % 1.62 % 2.24 % 2.73 % 2.93 % 2.41 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-109 Table of Contents For the Three Months Ended September 30, 2025 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold Net asset value, at June 30, 2025 $ 18.69 $ 23.32 $ 18.02 $ 25.44 $ 27.45 $ 22.44 Net investment income (loss) 0.05 0.15 0.12 0.20 0.19 0.12 Net realized and unrealized gain (loss)# ( 8.30 ) ( 1.71 ) ( 0.64 ) 9.72 0.38 ( 5.81 ) Change in net asset value from operations ( 8.25 ) ( 1.56 ) ( 0.52 ) 9.92 0.57 ( 5.69 ) Net asset value, at September 30, 2025 $ 10.44 $ 21.76 $ 17.50 $ 35.36 $ 28.02 $ 16.75 Market value per share, at June 30, 2025 † $ 18.75 $ 23.23 $ 18.06 $ 25.61 $ 27.48 $ 22.26 Market value per share, at September 30, 2025 † $ 10.44 $ 21.76 $ 17.42 $ 34.79 $ 28.01 $ 16.64 Total Return, at net asset value^ ( 44.1 )% ( 6.7 )% ( 2.9 )% 39.0 % 2.1 % ( 25.4 )% Total Return, at market value^ ( 44.3 )% ( 6.3 )% ( 3.5 )% 35.8 % 1.9 % ( 25.2 )% Ratios to Average Net Assets** Expense ratio^^ 1.68 % 0.95 % 1.09 % 1.31 % 0.95 % 0.97 % Net investment income gain (loss) 1.39 % 2.74 % 2.72 % 2.53 % 2.66 % 2.36 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-110 Table of Contents For the Three Months Ended September 30, 2025 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at June 30, 2025 $ 26.03 $ 41.35 $ 16.73 $ 46.79 Net investment income (loss) 0.10 0.30 0.11 0.22 Net realized and unrealized gain (loss)# ( 10.65 ) 2.87 ( 1.01 ) ( 14.83 ) Change in net asset value from operations ( 10.55 ) 3.17 ( 0.90 ) ( 14.61 ) Net asset value, at September 30, 2025 $ 15.48 $ 44.52 $ 15.83 $ 32.18 Market value per share, at June 30, 2025 † $ 25.81 $ 41.38 $ 16.76 $ 46.88 Market value per share, at September 30, 2025 † $ 15.37 $ 44.58 $ 15.82 $ 32.30 Total Return, at net asset value^ ( 40.5 )% 7.7 % ( 5.4 )% ( 31.2 )% Total Return, at market value^ ( 40.5 )% 7.7 % ( 5.6 )% ( 31.1 )% Ratios to Average Net Assets** Expense ratio^^ 0.99 % 0.95 % 1.02 % 1.15 % Net investment income gain (loss) 1.84 % 2.73 % 2.65 % 2.36 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-111 Table of Contents Selected data for a Share outstanding throughout the three months ended September 30, 2024 For the Three Months Ended September 30, 2024 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold * Ultra Silver Net asset value, at June 30, 2024 $ 61.35 $ 33.51 $ 77.97 $ 11.19 $ 19.33 $ 37.44 Net investment income (loss) 0.46 0.26 0.40 0.11 0.22 0.38 Net realized and unrealized gain (loss)# ( 11.65 ) ( 8.41 ) ( 19.67 ) 0.79 4.55 2.72 Change in net asset value from operations ( 11.19 ) ( 8.15 ) ( 19.27 ) 0.90 4.77 3.10 Net asset value, at September 30, 2024 $ 50.16 $ 25.36 $ 58.70 $ 12.09 $ 24.10 $ 40.54 Market value per share, at June 30, 2024 † $ 61.39 $ 33.50 $ 78.35 $ 11.17 $ 19.26 $ 37.09 Market value per share, at September 30, 2024 † $ 50.11 $ 25.42 $ 58.00 $ 12.06 $ 23.97 $ 40.44 Total Return, at net asset value^ ( 18.2 )% ( 24.3 )% ( 24.7 )% 8.0 % 24.7 % 8.3 % Total Return, at market value^ ( 18.4 )% ( 24.1 )% ( 26.0 )% 8.0 % 24.5 % 9.0 % Ratios to Average Net Assets** Expense ratio^^ 1.25 % 1.00 % 1.42 % 0.95 % 0.96 % 0.98 % Net investment income gain (loss) 3.46 % 3.56 % 3.16 % 3.57 % 4.05 % 4.03 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2024. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-112 Table of Contents For the Three Months Ended September 30, 2024 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold * Net asset value, at June 30, 2024 $ 23.58 $ 20.23 $ 15.57 $ 49.37 $ 31.86 $ 43.19 Net investment income (loss) 0.13 0.20 0.16 0.54 0.27 0.31 Net realized and unrealized gain (loss)# 1.23 4.33 3.79 4.61 ( 2.21 ) ( 9.00 ) Change in net asset value from operations 1.36 4.53 3.95 5.15 ( 1.94 ) ( 8.69 ) Net asset value, at September 30, 2024 $ 24.94 $ 24.76 $ 19.52 $ 54.52 $ 29.92 $ 34.50 Market value per share, at June 30, 2024 † $ 23.54 $ 20.30 $ 15.57 $ 49.19 $ 31.83 $ 43.34 Market value per share, at September 30, 2024 † $ 24.93 $ 24.70 $ 19.48 $ 55.22 $ 29.92 $ 34.66 Total Return, at net asset value^ 5.7 % 22.4 % 25.3 % 10.4 % ( 6.1 )% ( 20.1 )% Total Return, at market value^ 5.9 % 21.7 % 25.1 % 12.3 % ( 6.0 )% ( 20.0 )% Ratios to Average Net Assets** Expense ratio^^ 1.92 % 0.95 % 1.08 % 1.64 % 0.95 % 0.98 % Net investment income gain (loss) 2.15 % 3.38 % 3.79 % 3.22 % 3.54 % 3.16 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2024. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-113 Table of Contents For the Three Months Ended September 30, 2024 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at June 30, 2024 $ 44.88 $ 47.63 $ 14.29 $ 43.33 Net investment income (loss) 0.36 0.38 0.14 0.38 Net realized and unrealized gain (loss)# ( 7.23 ) ( 9.10 ) 0.64 5.24 Change in net asset value from operations ( 6.87 ) ( 8.72 ) 0.78 5.62 Net asset value, at September 30, 2024 $ 38.01 $ 38.91 $ 15.07 $ 48.95 Market value per share, at June 30, 2024 † $ 45.32 $ 47.56 $ 14.33 $ 43.40 Market value per share, at September 30, 2024 † $ 38.12 $ 38.90 $ 15.11 $ 49.00 Total Return, at net asset value^ ( 15.3 )% ( 18.3 )% 5.5 % 13.0 % Total Return, at market value^ ( 15.9 )% ( 18.2 )% 5.4 % 12.9 % Ratios to Average Net Assets** Expense ratio^^ 1.04 % 0.95 % 1.01 % 1.23 % Net investment income gain (loss) 3.21 % 3.63 % 3.70 % 3.19 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2024. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-114 Table of Contents Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2025 For the Nine Months Ended September 30, 2025 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold * Ultra Silver Net asset value, at December 31, 2024 $ 50.03 $ 27.49 $ 54.84 $ 10.46 $ 23.36 $ 33.56 Net investment income (loss) 0.79 0.38 0.75 0.25 0.77 0.93 Net realized and unrealized gain (loss)# 0.20 ( 5.49 ) ( 26.08 ) 2.51 21.59 41.17 Change in net asset value from operations 0.99 ( 5.11 ) ( 25.33 ) 2.76 22.36 42.10 Net asset value, at September 30, 2025 $ 51.02 $ 22.38 $ 29.51 $ 13.22 $ 45.72 $ 75.66 Market value per share, at December 31, 2024 † $ 50.06 $ 27.50 $ 55.82 $ 10.45 $ 23.37 $ 33.67 Market value per share, at September 30, 2025 † $ 50.94 $ 22.48 $ 29.99 $ 13.21 $ 46.06 $ 76.24 Total Return, at net asset value^ 2.0 % ( 18.6 )% ( 46.2 )% 26.4 % 95.7 % 125.4 % Total Return, at market value^ 1.8 % ( 18.3 )% ( 46.3 )% 26.4 % 97.1 % 126.4 % Ratios to Average Net Assets** Expense ratio^^ 1.19 % 1.00 % 1.42 % 0.95 % 0.97 % 0.98 % Net investment income gain (loss) 2.42 % 2.11 % 2.28 % 2.70 % 3.04 % 2.68 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-115 Table of Contents For the Nine Months Ended September 30, 2025 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold * Net asset value, at December 31, 2024 $ 20.77 $ 20.23 $ 16.93 $ 43.61 $ 34.91 $ 35.11 Net investment income (loss) 0.16 0.45 0.35 0.46 0.61 0.41 Net realized and unrealized gain (loss)# ( 10.49 ) 1.08 0.22 ( 8.71 ) ( 7.50 ) ( 18.77 ) Change in net asset value from operations ( 10.33 ) 1.53 0.57 ( 8.25 ) ( 6.89 ) ( 18.36 ) Net asset value, at September 30, 2025 $ 10.44 $ 21.76 $ 17.50 $ 35.36 $ 28.02 $ 16.75 Market value per share, at December 31, 2024 † $ 20.72 $ 20.35 $ 16.92 $ 42.74 $ 34.92 $ 35.16 Market value per share, at September 30, 2025 † $ 10.44 $ 21.76 $ 17.42 $ 34.79 $ 28.01 $ 16.64 Total Return, at net asset value^ ( 49.7 )% 7.6 % 3.4 % ( 18.9 )% ( 19.7 )% ( 52.3 )% Total Return, at market value^ ( 49.6 )% 6.9 % 3.0 % ( 18.6 )% ( 19.8 )% ( 52.7 )% Ratios to Average Net Assets** Expense ratio^^ 1.79 % 0.95 % 1.10 % 1.43 % 0.95 % 0.98 % Net investment income gain (loss) 1.30 % 2.69 % 2.71 % 2.42 % 2.70 % 2.41 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-116 Table of Contents For the Nine Months Ended September 30, 2025 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at December 31, 2024 $ 42.40 $ 47.66 $ 14.51 $ 45.05 Net investment income (loss) 0.38 0.89 0.32 0.73 Net realized and unrealized gain (loss)# ( 27.30 ) ( 4.03 ) 1.00 ( 13.60 ) Change in net asset value from operations ( 26.92 ) ( 3.14 ) 1.32 ( 12.87 ) Net asset value, at September 30, 2025 $ 15.48 $ 44.52 $ 15.83 $ 32.18 Market value per share, at December 31, 2024 † $ 42.00 $ 46.68 $ 14.46 $ 45.02 Market value per share, at September 30, 2025 † $ 15.37 $ 44.58 $ 15.82 $ 32.30 Total Return, at net asset value^ ( 63.5 )% ( 6.6 )% 9.1 % ( 28.6 )% Total Return, at market value^ ( 63.4 )% ( 4.5 )% 9.4 % ( 28.3 )% Ratios to Average Net Assets** Expense ratio^^ 1.01 % 0.95 % 1.02 % 1.25 % Net investment income gain (loss) 1.84 % 2.75 % 2.68 % 2.30 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-117 Table of Contents Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold * Ultra Silver Net asset value, at December 31, 2023 $ 51.69 $ 26.28 $ 142.73 $ 11.86 $ 15.96 $ 27.29 Net investment income (loss) 1.37 0.70 1.58 0.32 0.55 0.93 Net realized and unrealized gain (loss)# ( 2.90 ) ( 1.62 ) ( 85.61 ) ( 0.09 ) 7.59 12.32 Change in net asset value from operations ( 1.53 ) ( 0.92 ) ( 84.03 ) 0.23 8.14 13.25 Net asset value, at September 30, 2024 $ 50.16 $ 25.36 $ 58.70 $ 12.09 $ 24.10 $ 40.54 Market value per share, at December 31, 2023 † $ 51.70 $ 26.10 $ 142.20 $ 11.84 $ 15.97 $ 27.17 Market value per share, at September 30, 2024 † $ 50.11 $ 25.42 $ 58.00 $ 12.06 $ 23.97 $ 40.44 Total Return, at net asset value^ ( 3.0 )% ( 3.5 )% ( 58.9 )% 2.0 % 51.0 % 48.6 % Total Return, at market value^ ( 3.1 )% ( 2.6 )% ( 59.2 )% 1.9 % 50.1 % 48.8 % Ratios to Average Net Assets** Expense ratio^^ 1.21 % 0.99 % 1.47 % 0.95 % 0.97 % 0.98 % Net investment income gain (loss) 3.36 % 3.10 % 2.99 % 3.73 % 3.84 % 3.68 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2024. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-118 Table of Contents For the Nine Months Ended September 30, 2024 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold * Net asset value, at December 31, 2023 $ 42.17 $ 27.46 $ 20.75 $ 48.05 $ 29.16 $ 52.78 Net investment income (loss) 0.48 0.61 0.49 1.27 0.82 1.06 Net realized and unrealized gain (loss)# ( 17.71 ) ( 3.31 ) ( 1.72 ) 5.20 ( 0.06 ) ( 19.34 ) Change in net asset value from operations ( 17.23 ) ( 2.70 ) ( 1.23 ) 6.47 0.76 ( 18.28 ) Net asset value, at September 30, 2024 $ 24.94 $ 24.76 $ 19.52 $ 54.52 $ 29.92 $ 34.50 Market value per share, at December 31, 2023 † $ 42.20 $ 27.49 $ 20.89 $ 48.21 $ 29.15 $ 52.74 Market value per share, at September 30, 2024 † $ 24.93 $ 24.70 $ 19.48 $ 55.22 $ 29.92 $ 34.66 Total Return, at net asset value^ ( 40.8 )% ( 9.8 )% ( 5.9 )% 13.5 % 2.6 % ( 34.6 )% Total Return, at market value^ ( 40.9 )% ( 10.2 )% ( 6.8 )% 14.6 % 2.6 % ( 34.3 )% Ratios to Average Net Assets** Expense ratio^^ 1.84 % 0.95 % 1.06 % 1.85 % 0.95 % 0.98 % Net investment income gain (loss) 2.16 % 3.54 % 3.78 % 3.00 % 3.57 % 3.23 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30, 2024. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-119 Table of Contents For the Nine Months Ended September 30, 2024 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at December 31, 2023 $ 72.56 $ 34.44 $ 16.74 $ 61.99 Net investment income (loss) 1.17 1.11 0.41 1.27 Net realized and unrealized gain (loss)# ( 35.72 ) 3.36 ( 2.08 ) ( 14.31 ) Change in net asset value from operations ( 34.55 ) 4.47 ( 1.67 ) ( 13.04 ) Net asset value, at September 30, 2024 $ 38.01 $ 38.91 $ 15.07 $ 48.95 Market value per share, at December 31, 2023 † $ 72.96 $ 34.47 $ 16.75 $ 62.04 Market value per share, at September 30, 2024 † $ 38.12 $ 38.90 $ 15.11 $ 49.00 Total Return, at net asset value^ ( 47.6 )% 13.0 % ( 10.0 )% ( 21.0 )% Total Return, at market value^ ( 47.8 )% 12.8 % ( 9.8 )% ( 21.0 )% Ratios to Average Net Assets** Expense ratio^^ 1.04 % 0.95 % 1.13 % 1.10 % Net investment income gain (loss) 3.09 % 3.57 % 3.64 % 3.33 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not acc or d with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended September 30 , 2024. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-120 Table of Contents NOTE 7 – RISK Correlation and Holding Period Risk Each of the Geared Funds is “geared” which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark (referred to as the “Daily Target”). The Geared Funds do not seek to achieve their Daily Target for any period of time other than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark for the same period. This difference may be significant. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Geared Fund to differ from the Geared Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Geared Fund is held and the volatility of the benchmark during the holding period of an investment in the Geared Fund. The return of a Geared Fund for periods longer than a day is the product of a series of daily leveraged returns for each trading day during that period. If you hold Geared Fund shares for any period other than a day, it is important for you to understand the risks and long-term performance of a daily objective fund. You should know that over your holding period: • Your return may be higher or lower than the Daily Target, and this difference may be significant. • Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply. • Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply. • The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target. For periods longer than a day, you will lose money if the Benchmark’s performance is flat. It is possible that you will lose money invested in a Short or UltraShort Fund even if the value of the Benchmark falls during that period or money invested in an Ultra Fund even if the value of the Benchmark rises during that period. Returns may move in the opposite direction of the Benchmark during periods of higher Benchmark volatility, low Benchmark returns, or both. In addition, during periods of higher Benchmark volatility, the Benchmark volatility may affect your return as much or more than the return of the Benchmark. Each Ultra and UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra with a 1.5x or 2x multiple should be approximately one and one-half or two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of an UltraShort Fund is designed to return two times the inverse (-2x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund performance. Shareholders who invest in the Geared Funds should consider actively monitoring and/or periodically rebalancing their investments (which will possibly trigger transaction costs and tax consequences) in light of their investment goals and risk tolerances. The Matching VIX Funds seek to achieve their stated investment objective over time. F-121 Table of Contents While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark; (12) large movements of assets into and/or out of a Fund, particularly late in the day; (13) significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity that cause the Fund to approach or reach position or accountability limits or other portfolio limits; and (14) events such as natural disasters (including disease, epidemics and pandemics) that can be highly disruptive to economies, markets and companies including, but not limited to, the Sponsor and third party service providers. A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. The target amount of portfolio exposure is impacted dynamically by a benchmark’s movements, including intraday movements. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -2x, 1.5x, or 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day. Each Geared Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Geared Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to its benchmark that is significantly greater or less than its stated multiple. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks. Counterparty Risk Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to in this Counterparty Risk section as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks. Regulatory Treatment Derivatives are generally traded in OTC markets and are subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities). F-122 Table of Contents Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place. The CFTC requirements include rules for some of the types of derivatives transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions. As noted, all of the relevant CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants. Counterparty Credit Risk The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline. The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions. OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day. In addition, cleared derivatives benefit from daily mark-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a futures commission merchant in cleared swaps customer accounts, which are required by CFTC regulations to be separate from the futures commission merchant’s proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of futures customer segregated funds, under which the clearing house may access all of the commingled futures customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. Bilateral OTC derivatives expose the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. F-123 Table of Contents The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com. Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law. The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund. Leverage Risk The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day. For example, because the UltraShort Funds and Ultra Funds (except for the Ultra VIX Short-Term Futures ETF which includes a one and one-half times (1.5x) multiplier) include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50 % at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund, even if the underlying benchmark maintains a level greater than zero at all times. Liquidity Risk Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated. “Contango” and “Backwardation” Risk In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2022 may specify a January 2023 expiration. As that contract nears expiration, it may be replaced by selling the January 2023 contract and purchasing the contract expiring in March 2023. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2023 contract would take place at a price that is higher than the price at which the March 2023 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund or an UltraShort Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Fund and UltraShort Funds, and positively affect the Ultra Funds and Matching VIX Funds. Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds. F-124 Table of Contents Gold and silver have historically exhibited persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly. There have been times where WTI crude oil futures contracts experience “extraordinary contango or extraordinary backwardation”. For example, in April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. In the summer of 2022, the market for crude oil futures contracts experienced a period of extreme backwardation, but normalized towards the end of the year. The futures contracts held by the Funds may experience a period of extraordinary contango or backwardation in the future. If all or a significant portion of the futures contracts held by an Ultra Fund at a future date were to reach a negative price, investors in such Fund could lose their entire investment. Conversely, investors in an UltraShort Fund could suffer significant losses or lose their entire investment if prices reversed or were subject to extraordinary backwardation. The effects of rolling futures contracts under extraordinary contango or backwardation market conditions generally are more exaggerated than rolling futures contracts under more typical contango or backwardation market conditions. Either scenario may result in significant losses. Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective. On May 4, 2020, CME imposed a more restrictive position limit in September 2020 WTI oil futures contracts with respect to the Oil Funds. In response to CME’s imposition of a more restrictive position limit, global developments, and other factors, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. In early July 2020, in anticipation of the roll of the Oil Funds’ benchmark, and in order to help manage the impact of recent extraordinary conditions and volatility in the markets for crude oil and related Financial Instruments, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. Natural Disasters and Public Health Disruptions, May Have a Significant Negative Impact on the Performance of Each Fund. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), have been and may continue to be highly disruptive to economies and markets. These conditions have led, and could lead, to increased or extreme market volatility, illiquidity and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures. For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance or make it difficult, or impossible, for a Fund to achieve its investment objective. Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses. Further, Fund counterparties may close out positions with the Funds without notice, at unfavorable times or unfavorable prices, or may choose to transaction on a more limited basis (or not at all). In such cases, it may be difficult or impossible for a Fund to achieve the desired investment exposure with its investment objective. These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market. Additionally, geopolitical conflict, including, war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, the Israel-Hamas conflict, the Houthi movement’s attacks on marine vessels in the Red Sea, and the expansion of such conflicts in surrounding areas), sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, changes in U.S. government policy or agency staffing or agency reorganizations, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly. F-125 Table of Contents Risks Related to Trade Disputes May Negatively Affect Each Fund. Global economies are interdependent and may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services produced by such countries. To the extent a country engages in retaliatory tariffs, a company that relies on imported parts to produce its own goods may experience increased costs of production or reduced profitability, which may affect consumers, investors and the domestic economy. Trade disputes and retaliatory actions may include embargoes and other trade limitations, which may trigger a significant reduction in international trade and impact the global economy. Trade disputes may also lead to increased currency exchange rate volatility, which can adversely affect the prices of the Fund securities valued in U.S. dollars. The potential threat of trade disputes may also negatively affect investor confidence in the markets generally and investment growth. Risk of Government Regulation The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products”—which could include the leveraged and inverse leveraged funds offered by ProShares. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy Shares in the Funds. NOTE 8 – SUBSEQUENT EVENTS On November 4, 2025, the Trust announced a reverse share split (“reverse split”) on ProShares UltraShort Gold (ticker symbol “GLL”), and on ProShares Ultra VIX Short-Term Futures ETF (ticker symbol “UVXY”). The reverse splits will not change the value of a shareholder’s investment. ProShares UltraShort Gold will execute a 1 for 2 reverse split of its shares. ProShares Ultra VIX Short-Term Futures ETF will execute a 1 for 5 reverse split of its shares. The reverse splits will be effective prior to market open on November 20, 2025, when the Funds begin trading at their post-reverse split prices. The ticker symbols for the Funds will not change, but the Funds will be issued new CUSIP numbers (74347Y680 for UVXY and 74347Y698 for GLL). The reverse splits will increase the price per share of each fund with a proportionate decrease in the number of shares outstanding. Specifically, for ProShares Ultra VIX Short-Term Futures ETF, every five pre-reverse split shares held by a Fund shareholder will result in the receipt of one post-split share, which will be priced five times higher than the net asset value of a pre-reverse split share. For ProShares UltraShort Gold, every two pre-reverse split shares held by a Fund shareholder will result in the receipt of one-post reverse split share, which will be priced two times higher than the net asset value of a pre-reverse split share. For shareholders who hold quantities of shares that are not an exact multiple of the applicable reverse split ratio (i.e., not a multiple of 2 or 5), the reverse split will result in the creation of a fractional share. Post-reverse split fractional shares will be redeemed for cash and sent to the shareholder’s broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders. F-126 Table of Contents Table of Contents 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 September 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”). 1 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 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 2 Table of Contents 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. 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 nine months ended September 30, 2025 and 2024, each of the Funds earned interest income as follows: Fund Interest Income Three Months Ended September 30, 2025 Interest Income Three Months Ended September 30, 2024 Interest Income Nine Months Ended September 30, 2025 Interest Income Nine Months Ended September 30, 2024 ProShares Short VIX Short-Term Futures ETF $ 2,269,580 $ 5,814,236 $ 8,090,223 $ 12,580,744 ProShares Ultra Bloomberg Crude Oil 2,538,935 6,074,652 9,284,651 17,591,301 ProShares Ultra Bloomberg Natural Gas 4,121,370 7,125,254 9,102,000 19,996,081 ProShares Ultra Euro 72,530 61,969 186,574 211,272 ProShares Ultra Gold 5,843,146 3,315,167 14,701,668 8,148,441 ProShares Ultra Silver 6,938,402 7,482,201 19,053,657 17,362,781 ProShares Ultra VIX Short-Term Futures ETF 5,292,243 2,501,794 10,984,632 7,595,859 ProShares Ultra Yen 541,875 541,372 1,650,309 1,395,183 ProShares UltraShort Bloomberg Crude Oil 1,262,490 1,865,946 4,373,667 6,398,993 ProShares UltraShort Bloomberg Natural Gas 1,926,416 1,150,564 10,289,665 4,075,138 ProShares UltraShort Euro 311,072 400,294 962,527 1,288,483 ProShares UltraShort Gold 543,256 148,896 1,468,731 468,826 ProShares UltraShort Silver 202,742 672,005 607,679 1,650,859 ProShares UltraShort Yen 252,079 449,333 669,840 1,220,993 ProShares VIX Mid-Term Futures ETF 322,262 370,229 820,355 1,992,242 ProShares VIX Short-Term Futures ETF 2,597,119 1,554,282 5,348,650 4,932,465 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. 3 Table of Contents 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). 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. 4 Table of Contents Off-Balance Sheet Arrangements and Contractual Obligations As of November 3, 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. 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 September 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. 5 Table of Contents 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. 6 Table of Contents Results of Operations for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 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 September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 279,925,400 $ 298,712,515 NAV end of period $ 243,299,521 $ 364,574,356 Percentage change in NAV (13.1 )% 22.0 % Shares outstanding beginning of period 6,568,614 4,868,614 Shares outstanding end of period 4,768,614 7,268,614 Percentage change in shares outstanding (27.4 )% 49.3 % Shares created —  12,300,000 Shares redeemed 1,800,000 9,900,000 Per share NAV beginning of period $ 42.62 $ 61.35 Per share NAV end of period $ 51.02 $ 50.16 Percentage change in per share NAV 19.7 % (18.2 )% Percentage change in benchmark (30.9 )% 13.7 % Benchmark annualized volatility 38.8 % 130.9 % During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,568,614 outstanding Shares at June 30, 2025 to 4,768,614 outstanding Shares at September 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 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 September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 4,868,614 outstanding Shares at June 30, 2024 to 7,268,614 outstanding Shares at September 30, 2024. 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. For the three months ended September 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 increase of 19.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.2% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025. 7 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 1,524,470 $ 4,269,606 Management fee 601,947 1,173,293 Brokerage commission 125,536 346,441 Futures account fees 17,627 24,896 Net realized gain (loss) 46,614,593 (7,503,293 ) Change in net unrealized appreciation (depreciation) (3,676,998 ) (4,186,274 ) Net Income (loss) $ 44,462,065 $ (7,419,961 ) The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of futures prices during the three months ended September 30, 2025. ProShares Ultra Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 420,493,513 $ 527,486,095 NAV end of period $ 359,079,095 $ 593,222,255 Percentage change in NAV (14.6 )% 12.5 % Shares outstanding beginning of period 18,693,096 15,743,096 Shares outstanding end of period 16,043,096 23,393,096 Percentage change in shares outstanding (14.2 )% 48.6 % Shares created 4,250,000 16,200,000 Shares redeemed 6,900,000 8,550,000 Per share NAV beginning of period $ 22.49 $ 33.51 Per share NAV end of period $ 22.38 $ 25.36 Percentage change in per share NAV (0.5 )% (24.3 )% Percentage change in benchmark 0.2 % (12.6 )% Benchmark annualized volatility 21.0 % 26.2 % During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 18,693,096 outstanding Shares at June 30, 2025 to 16,043,096 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, in conjunction with 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 . By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,743,096 outstanding Shares at June 30, 2024 to 23,393,096 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . For the three months ended September 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 0.5% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.3% for the three months ended September 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. 8 Table of Contents The benchmark’s rise of 0.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 12.6% for the three months ended September 30, 2024, can be attributed to an increase in the value of WTI Crude Oil during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 1,571,960 $ 4,742,745 Management fee 919,884 1,266,843 Brokerage commission 47,091 65,064 Net realized gain (loss) 15,487,461 (66,826,014 ) Change in net unrealized appreciation (depreciation) (7,007,743 ) (59,041,810 ) Net Income (loss) $ 10,051,678 $ (121,125,079 ) The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to an increase in the value of WTI Crude Oil during the three months ended September 30, 2025. ProShares Ultra Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 334,757,794 $ 540,643,821 NAV end of period $ 542,210,220 $ 651,821,105 Percentage change in NAV 62.0 % 20.6 % Shares outstanding beginning of period 7,223,047 6,933,709 Shares outstanding end of period 18,373,047 11,103,709 Percentage change in shares outstanding 154.4 % 60.1 % Shares created 28,200,000 10,350,000 Shares redeemed 17,050,000 6,180,000 Per share NAV beginning of period $ 46.35 $ 77.97 Per share NAV end of period $ 29.51 $ 58.70 Percentage change in per share NAV (36.3 )% (24.7 )% Percentage change in benchmark (18.2 )% (10.2 )% Benchmark annualized volatility 36.1 % 44.5 % During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at June 30, 2025 to 18,373,047 outstanding Shares at September 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 September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 6,933,709 outstanding Shares at June 30, 2024 to 11,103,709 outstanding Shares at September 30, 2024. 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 . 9 Table of Contents For the three months ended September 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 36.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.7% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 18.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 10.2% for the three months ended September 30, 2024, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 2,571,611 $ 4,917,857 Management fee 1,088,659 1,479,083 Brokerage commission 411,698 681,738 Futures account fees 49,402 46,576 Net realized gain (loss) (163,780,730 ) (372,130,469 ) Change in net unrealized appreciation (depreciation) 28,737,488 260,259,730 Net Income (loss) $ (132,471,631 ) $ (106,952,882 ) The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2025. 10 Table of Contents ProShares Ultra Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 8,708,069 $ 5,595,533 NAV end of period $ 7,272,104 $ 5,440,209 Percentage change in NAV (16.5 )% (2.8 )% Shares outstanding beginning of period 650,000 500,000 Shares outstanding end of period 550,000 450,000 Percentage change in shares outstanding (15.4 )% (10.0 )% Shares created —  —  Shares redeemed 100,000 50,000 Per share NAV beginning of period $ 13.40 $ 11.19 Per share NAV end of period $ 13.22 $ 12.09 Percentage change in per share NAV (1.3 )% 8.0 % Percentage change in benchmark (0.3 )% 3.9 % Benchmark annualized volatility 8.6 % 5.4 % During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 650,000 outstanding Shares at June 30, 2025 to 550,000 outstanding Shares at September 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 (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at June 30, 2024 to 450,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. For the three months ended September 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 1.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.0% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 0.3% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 3.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 53,812 $ 48,936 Management fee 18,718 13,033 Net realized gain (loss) 220,691 182,638 Change in net unrealized appreciation (depreciation) (434,179 ) 187,048 Net Income (loss) $ (159,676 ) $ 418,622 The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended September 30, 2025. 11 Table of Contents ProShares Ultra Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 485,005,243 $ 216,456,025 NAV end of period $ 809,280,918 $ 298,882,222 Percentage change in NAV 66.9 % 38.1 % Shares outstanding beginning of period 14,100,000 11,200,000 Shares outstanding end of period 17,700,000 12,400,000 Percentage change in shares outstanding 25.5 % 10.7 % Shares created 7,000,000 3,400,000 Shares redeemed 3,400,000 2,200,000 Per share NAV beginning of period $ 34.40 $ 19.33 Per share NAV end of period $ 45.72 $ 24.10 Percentage change in per share NAV 32.9 % 24.7 % Percentage change in benchmark 16.4 % 12.9 % Benchmark annualized volatility 13.7 % 14.3 % During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily 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 also resulted in part from an increase from 14,100,000 outstanding Shares at June 30, 2025 to 17,700,000 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Fund’s NAV also resulted in part from an increase from 11,200,000 outstanding Shares at June 30, 2024 to 12,400,000 outstanding Shares at September 30, 2024. For the three months ended September 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 32.9% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 24.7% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s rise of 16.4% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 12.9% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025. 12 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 4,397,620 $ 2,677,335 Management fee 1,426,882 628,619 Brokerage commission 18,644 9,213 Net realized gain (loss) 38,694,419 12,042,718 Change in net unrealized appreciation (depreciation) 144,544,484 41,957,497 Net Income (loss) $ 187,636,523 $ 56,677,550 The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 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 September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 708,196,011 $ 570,829,521 NAV end of period $ 1,047,679,297 $ 666,782,470 Percentage change in NAV 47.9 % 16.8 % Shares outstanding beginning of period 15,046,526 15,246,526 Shares outstanding end of period 13,846,526 16,446,526 Percentage change in shares outstanding (8.0 )% 7.9 % Shares created 4,700,000 4,700,000 Shares redeemed 5,900,000 3,500,000 Per share NAV beginning of period $ 47.07 $ 37.44 Per share NAV end of period $ 75.66 $ 40.54 Percentage change in per share NAV 60.7 % 8.3 % Percentage change in benchmark 28.6 % 6.3 % Benchmark annualized volatility 22.3 % 32.0 % During the three months ended September 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 15,046,526 outstanding Shares at June 30, 2025 to 13,846,526 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,246,526 outstanding Shares at June 30, 2024 to 16,446,526 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . For the three months ended September 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 60.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.3% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s rise of 28.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 6.3% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended September 30, 2025. 13 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 4,938,126 $ 6,019,174 Management fee 1,949,744 1,417,159 Brokerage commission 50,532 45,868 Net realized gain (loss) 138,583,885 (129,011,251 ) Change in net unrealized appreciation (depreciation) 263,016,530 182,446,021 Net Income (loss) $ 406,538,541 $ 59,453,944 The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025. 14 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 September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 579,408,908 $ 232,135,198 NAV end of period $ 648,094,422 $ 285,351,963 Percentage change in NAV 11.9 % 22.9 % Shares outstanding beginning of period 30,993,643 9,843,643 Shares outstanding end of period 62,093,643 11,443,643 Percentage change in shares outstanding 100.3 % 16.3 % Shares created 49,350,000 19,350,000 Shares redeemed 18,250,000 17,750,000 Per share NAV beginning of period $ 18.69 $ 23.58 Per share NAV end of period $ 10.44 $ 24.94 Percentage change in per share NAV (44.1 )% 5.7 % Percentage change in benchmark (30.9 )% 13.7 % Benchmark annualized volatility 38.8 % 130.9 % During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 30,993,643 outstanding Shares at June 30, 2025 to 62,093,643 outstanding Shares at September 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 September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 9,843,643 outstanding Shares at June 30, 2024 to 11,443,643 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. For the three months ended September 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 44.1% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 5.7% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 2,399,298 $ 1,321,242 Management fee 1,636,145 583,266 Brokerage commission 1,025,774 534,432 Futures account fees 231,026 62,854 Net realized gain (loss) (410,232,837 ) (36,612,258 ) Change in net unrealized appreciation (depreciation) 19,286,761 14,570,793 Net Income (loss) $ (388,546,778 ) $ (20,720,223 ) The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices, during the three months ended September 30, 2025. 15 Table of Contents ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 66,461,439 $ 44,510,138 NAV end of period $ 53,309,336 $ 53,234,065 Percentage change in NAV (19.8 )% 19.6 % Shares outstanding beginning of period 2,849,970 2,199,970 Shares outstanding end of period 2,449,970 2,149,970 Percentage change in shares outstanding (14.0 )% (2.3 )% Shares created —  550,000 Shares redeemed 400,000 600,000 Per share NAV beginning of period $ 23.32