What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-07 compared with 2025-08-08 · 562 added, 399 removed, 2873 unchanged (25% of the section changed)

21 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

5 unchanged sentences

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

12 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

Short-term U.S.

government and agency obligations

( 37 % of shareholders’ equity)

Treasury Bills ^^

4.329 % due 10/07/25

4.182 % due 10/21/25

4.140 % due 11/04/25

Total short-term U.S.

government and agency obligations

(cost $ 89,765,603 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires July 2025

VIX Futures - Cboe, expires August 2025

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

21 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

Addition of – , 12,300,000 , 18,650,000 and 15,050,000 shares, respectively

Redemption of 14,900,000 , 1,050,000 , 17,400,000 and 3,050,000 shares, respectively

Redemption of 1,800,000 , 9,900,000

and 12,950,000 shares, respectively

( 489,475,550

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

29 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

December 31, 2024

September 30, 2025

Short-term U.S.

10 unchanged sentences

Payable to Sponsor

Unrealized depreciation on swap agreements

Total liabilities

2 unchanged sentences

Shareholders’ equity

Total liabilities

and shareholders’ equity

Total liabilities and shareholders’ equity

Shares outstanding

4 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

4 unchanged sentences

4.329 % due 10/07/25

4.182 % due 10/21/25

4.140 % due 11/04/25

4.203 % due 11/13/25 †

Total short-term U.S.

government and agency obligations (cost $ 49,958,924 )

government and agency obligations

(cost $ 154,494,456 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires September 2025

WTI Crude Oil - NYMEX, expires December 2025

WTI Crude Oil - NYMEX, expires June 2026

WTI Crude Oil - NYMEX, expires December 2026

Total Return Swap Agreements ^

8 unchanged sentences

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

Total Unrealized

Total Unrealized Depreciation

All or partial amount pledged as collateral for swap agreements.

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

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

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

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

17 unchanged sentences

Net realized and unrealized gain (loss)

( 125,867,824

Net income (loss)

( 121,125,079

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

Addition of 4,250,000 , 16,200,000 , 19,150,000 and 25,300,000 shares, respectively

Redemption of 6,450,000

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

Redemption of 6,900,000 , 8,550,000 , 22,150,000 and 26,750,000 shares, respectively

( 166,697,093

2 unchanged sentences

( 798,465,439

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

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

Net addition (redemption) of ( 2,650,000 ), 7,650,000 , ( 3,000,000 ) and ( 1,450,000 ) shares, respectively

( 124,238,681

( 101,469,906

Net investment income (loss)

2 unchanged sentences

Net income (loss)

( 121,125,079

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

7 unchanged sentences

government and agency obligations

1,094,650,743

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

17 unchanged sentences

( 185,429,002

( 143,911,104

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

December 31, 2024

September 30, 2025

Short-term U.S.

2 unchanged sentences

Receivable from capital shares sold

Receivable on open futures contracts

Interest receivable

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Brokerage commissions and futures account fees payable

Payable to Sponso

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

4 unchanged sentences

4.329 % due 10/07/25

4.182 % due 10/21/25

4.140 % due 11/04/25

4.203 % due 11/13/25

Total short-term U.S.

government and agency obligations (cost $ 19,983,569 )

government and agency obligations

(cost $ 308,808,231 )

Futures Contracts Purchased

Notional Amount

(Depreciation)/

Natural Gas - NYMEX, expires September 2025

(Depreciation)/Value

Natural Gas - NYMEX, expires November 2025

1,084,407,930

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

7 unchanged sentences

Futures contracts

( 163,780,916

( 372,130,469

( 402,539,202

Short-term U.S.

1 unchanged sentence

Net realized gain (loss)

Change in net unrealized appreciation (depreciation) on

Futures contracts

( 163,780,730

( 372,130,469

( 402,539,202

Change in net unrealized appreciation (depreciation) on

Futures contracts

Short-term U.S.

1 unchanged sentence

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 135,043,242

( 111,870,739

Net realized and unrealized gain (loss)

( 338,935,818

1 unchanged sentence

( 132,471,631

( 106,952,882

( 325,551,071

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

8 unchanged sentences

Net addition (redemption) of 11,150,000 , 4,170,000 , 11,150,000 and 5,990,000 shares, respectively

( 195,862,600

( 147,594,144

Net investment income (loss)

Net realized gain (loss)

Change in net unrealized appreciation (depreciation)

( 163,780,730

( 372,130,469

( 402,539,202

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 132,471,631

( 106,952,882

( 325,551,071

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

5 unchanged sentences

( 904,354,263

( 470,623,691

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

4 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in interest receivable

4 unchanged sentences

( 310,730,020

( 628,600,080

Cash flow from financing activities

1 unchanged sentence

1,980,194,065

1,671,870,576

Payment on shares redeemed

2 unchanged sentences

Net cash provided by (used in) financing activities

( 194,562,421

Net increase (decrease) in cash

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

December 31, 2024

September 30, 2025

Segregated cash balances with brokers for foreign currency forward contracts

2 unchanged sentences

Liabilities and shareholders’ equity

Payable to Sponso

Payable to Sponsor

Unrealized depreciation on foreign currency forward contracts

10 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Foreign Currency Forward Contracts ^

7 unchanged sentences

Euro with UBS AG

Total Unrealized

Total Unrealized Appreciation

Contracts to Sell

Euro with Goldman Sachs International

Total Unrealized

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

Euro with UBS AG

Total Unrealized Depreciation

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.

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

2 unchanged sentences

Net investment income (loss)

Realized and unrealized gain (loss) on investment activity

Net realized gain (loss) on

Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on

Foreign currency forward contracts

9 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

15 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

3 unchanged sentences

Segregated cash balances with brokers for swap agreements

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Receivable on open futures contracts

1 unchanged sentence

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable to Sponso

Payable to Sponsor

Unrealized depreciation on swap agreements

10 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

4 unchanged sentences

4.329 % due 10/07/25

4.182 % due 10/21/25

4.140 % due 11/04/25 †

4.203 % due 11/13/25 †

Total short-term U.S.

government and agency obligations

(cost $ 74,938,385 )

government and agency obligations (cost $ 607,989,455 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

Gold Futures - COMEX, expires August 2025

Gold Futures—COMEX, expires December 2025

Total Return Swap Agreements ^

5 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Gold Subindex

Total Unrealized

Total Unrealized Appreciation

All or partial amount pledged as collateral for swap agreements.

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

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

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

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

3 unchanged sentences

Net investment income (loss)

Realized and unrealized gain (loss) on investment activity

Net realized gain (loss) on

Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on

Futures contracts

15 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

3 unchanged sentences

( 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)

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

7 unchanged sentences

government and agency obligations

1,429,111,536

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

7 unchanged sentences

Net cash provided by (used in) operating activities

( 237,743,906

Cash flow from financing activities

2 unchanged sentences

( 425,999,000

( 114,385,981

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 100,542,981

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

3 unchanged sentences

Segregated cash balances with brokers for swap agreements

Unrealized appreciation on swap agreements

Receivable on open futures contracts

Interest receivable

1,082,970,480

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Payable to Sponso

Payable to Sponsor

Unrealized depreciation on swap agreements

3 unchanged sentences

Shareholders’ equity

1,047,679,297

Total liabilities and shareholders’ equity

1,082,970,480

Shares outstanding

4 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

5 unchanged sentences

4.182 % due 10/21/25

4.140 % due 11/04/25 †

4.203 % due 11/13/25 †

Total short-term U.S.

4 unchanged sentences

(Depreciation)/Value

Silver Futures - COMEX, expires September 2025

Silver Futures - COMEX, expires December 2025

1,070,154,800

Total Return Swap Agreements ^

7 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Silver Subindex

Total Unrealized

Total Unrealized Appreciation

All or partial amount pledged as collateral for swap agreements.

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

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

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

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

10 unchanged sentences

Net realized gain (loss)

( 129,011,251

Change in net unrealized appreciation (depreciation) on

10 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

6 unchanged sentences

Net addition (redemption) of ( 1,200,000 ), 1,200,000 , ( 2,900,000 ) and 2,150,000 shares, respectively

( 149,641,190

Net investment income (loss)

Net realized gain (loss)

( 129,011,251

Change in net unrealized appreciation (depreciation)

1 unchanged sentence

Shareholders’ equity, end of period

1,047,679,297

See accompanying notes to financial statements.

1 unchanged sentence

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

12 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

( 156,379,747

Decrease (Increase) in receivable on open futures contracts

10 unchanged sentences

Net cash provided by (used in) financing activities

( 119,376,135

Net increase (decrease) in cash

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

2 unchanged sentences

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

15 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

4 unchanged sentences

4.182 % due 10/21/25

4.140 % due 11/04/25

4.203 % due 11/13/25

Total short-term U.S.

4 unchanged sentences

(Depreciation)/Value

VIX Futures - COMEX, expires July 2025

VIX Futures - COMEX, expires August 2025

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

8 unchanged sentences

( 410,233,402

( 254,266,766

( 185,028,990

Short-term U.S.

2 unchanged sentences

( 410,232,837

( 254,268,120

( 185,017,536

Change in net unrealized appreciation (depreciation) on

5 unchanged sentences

( 390,946,076

( 304,340,735

( 145,467,734

Net income (loss)

( 388,546,778

( 299,713,829

( 141,365,058

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

( 410,232,837

( 254,268,120

( 185,017,536

Change in net unrealized appreciation (depreciation)

1 unchanged sentence

( 388,546,778

( 299,713,829

( 141,365,058

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

1 unchanged sentence

( 299,713,829

( 141,365,058

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

16 unchanged sentences

( 381,680,931

( 190,662,152

Cash flow from financing activities

12 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

3 unchanged sentences

Liabilities and shareholders’ equity

Payable to Sponso

Payable to Sponsor

Unrealized depreciation on foreign currency forward contracts

10 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Foreign Currency Forward Contracts ^

9 unchanged sentences

8,398,795,856

Total Unrealized

Total Unrealized Depreciation

Contracts to Sell

3 unchanged sentences

( 721,530,000

Total Unrealized

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

Total Unrealized Depreciation

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.

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

15 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

15 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

Short-term U.S.

government and agency obligations (Note 3) (cost $ 34,960,911 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

5 unchanged sentences

Payable on open futures contracts

Payable to Sponso

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

Short-term U.S.

government and agency obligations

( 29 % of shareholders’ equity)

Treasury Bills ^^

4.329 % due 10/07/25

4.182 % due 10/21/25

Total short-term U.S.

government and agency obligations (cost $ 34,960,911 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires September 2025

WTI Crude Oil - NYMEX, expires December 2025

WTI Crude Oil - NYMEX, expires June 2026

WTI Crude Oil - NYMEX, expires December 2026

Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

20 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

4 unchanged sentences

( 473,842,775

( 343,230,393

Net addition (redemption) of ( 550,000 ), ( 6,450,000 ), ( 250,000 ) and ( 4,150,000 ) shares, respectively

( 123,137,147

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

29 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

21 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

4 unchanged sentences

4.329 % due 10/07/25

4.182 % due 10/21/25

4.140 % due 11/04/25

Total short-term U.S.

government and agency obligations

(cost $ 39,967,139 )

government and agency obligations (cost $ 64,845,737 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Natural Gas – NYMEX, expires September 2025

Natural Gas - NYMEX, expires November 2025

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

21 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

8 unchanged sentences

( 215,674,135

( 167,671,214

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

24 unchanged sentences

Net cash provided by (used in) financing activities

( 192,186,709

Net increase (decrease) in cash

( 168,505,831

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

16 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Foreign Currency Forward Contracts ^

7 unchanged sentences

Euro with UBS AG

Total Unrealized

Total Unrealized Depreciation

Contracts to Sell

1 unchanged sentence

Euro with UBS AG

Total Unrealized

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

Total Unrealized Depreciation

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.

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

17 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

1 unchanged sentence

Redemption of 150,000 , 100,000 , 550,000 and 300,000 shares, respectively

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

) and ( 150,000 ) shares, respectively

Net addition (redemption) of 50,000 , ( 100,000 ), – and ( 250,000 ) shares, respectively

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

18 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

4 unchanged sentences

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Payable to Sponsor

Unrealized depreciation on swap agreements

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Gold Futures - COMEX, expires August 2025

Gold Futures - COMEX, expires December 2025

Total Return Swap Agreements ^

3 unchanged sentences

based on Bloomberg Gold Subindex

( 102,141,663

Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex

Swap agreement with UBS AG based on Bloomberg Gold Subindex

Total Unrealized

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

Total Unrealized Depreciation

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

Reflects the floating financing rate, as of 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.

5 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

18 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

2 unchanged sentences

( 300,687,859

( 252,430,165

Net addition (redemption) of 350,000 , 150,000 , 3,299,932 and 300,000 shares, respectively (Note 1)

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

18 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

5 unchanged sentences

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Payable to Sponsor

Unrealized depreciation on swap agreements

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Silver Futures - COMEX, expires September 2025

Silver Futures - COMEX, expires December 2025

Total Return Swap Agreements ^

7 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Silver Subindex

Total Unrealized

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

Total Unrealized Depreciation

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

Reflects the floating financing rate, as of 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.

5 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

18 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

1 unchanged sentence

Redemption of 1,500,000 , 1,537,500 , 3,350,000 and 2,987,500 shares, respectively

( 167,422,544

Net addition (redemption) of 600,000 , ( 850,000 ), 1,400,000 and ( 50,000 ) shares, respectively

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

10 unchanged sentences

Payment on shares redeemed

( 167,422,544

Net cash provided by (used in) financing activities

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

1 unchanged sentence

Unrealized appreciation on foreign currency forward contracts

Receivable from capital shares sold

Interest receivable

13 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Foreign Currency Forward Contracts ^

6 unchanged sentences

Yen with Goldman Sachs International

1,489,706,000

Yen with UBS AG

Total Unrealized

Total Unrealized Depreciation

Contracts to Sell

3 unchanged sentences

( 5,878,242,424

Total Unrealized

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

Total Unrealized Appreciation

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.

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

17 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

18 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

15 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

VIX Futures - Cboe, expires December 2025

VIX Futures – Cboe, expires January 2026

VIX Futures – Cboe, expires February 2026

VIX Futures – Cboe, expires March 2026

VIX Futures – Cboe, expires April 2026

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

14 unchanged sentences

government and agency obligations

Change in net unrealized

appreciation (depreciation)

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

2 unchanged sentences

( 139,822,378

( 129,715,182

Net addition (redemption) of 1,525,000 , 250,000 , 875,000 and 325,000 shares, respectively

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

8 unchanged sentences

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable on open futures contracts

7 unchanged sentences

Payment on shares redeemed

( 139,822,378

Net cash provided by (used in) financing activities

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

December 31, 2024

September 30,

Short-term U.S.

18 unchanged sentences

SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

Principal Amount

Short-term U.S.

government and agency obligations

( 39 % of shareholders’ equity)

Treasury Bills ^^

4.329 % due 10/07/25

4.182 % due 10/21/25

4.140 % due 11/04/25

4.203 % due 11/13/25

Total short-term U.S.

government and agency obligations

(cost $ 129,526,844 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires July 2025

VIX Futures - Cboe, expires August 2025

See accompanying

notes to financial statements.

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

PROSHARES VIX SHORT-TERM FUTURES ETF

1 unchanged sentence

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

7 unchanged sentences

Futures contracts

( 109,920,952

Short-term U.S.

1 unchanged sentence

Net realized gain (loss)

( 109,920,852

Change in net unrealized appreciation (depreciation) on

4 unchanged sentences

Net realized and unrealized gain (loss)

( 111,433,289

Net income (loss)

( 109,686,421

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

3 unchanged sentences

( 375,678,935

( 213,113,775

Net addition (redemption) of 6,725,000 , ( 87,500 ), 7,275,000 and 800,000 shares, respectively

1 unchanged sentence

Net realized gain (loss)

( 109,920,852

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 109,686,421

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

17 unchanged sentences

Net cash provided by (used in) operating activities

( 148,844,404

Cash flow from financing activities

2 unchanged sentences

( 375,678,935

( 213,113,775

Net cash provided by (used in) financing activities

5 unchanged sentences

COMBINED STATEMENTS OF FINANCIAL CONDITION

June 30, 2025

September 30, 2025

December 31, 2024

4 unchanged sentences

Segregated cash balances with brokers for futures contracts

1,057,475,757

Segregated cash balances with brokers for foreign currency forward contracts

23 unchanged sentences

3,151,924,172

Shares outstanding (Note 1)

Shares outstanding

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

7 unchanged sentences

Futures contracts

( 479,137,704

( 307,323,493

( 402,765,202

Swap agreements

( 135,617,033

Foreign currency forward contracts

2 unchanged sentences

Net realized gain (loss)

Change in net unrealized appreciation (depreciation) on

Futures contracts

( 344,112,520

1 unchanged sentence

( 301,922,238

Change in net unrealized appreciation (depreciation) on

Futures contracts

Swap agreements

3 unchanged sentences

Change in net unrealized appreciation (depreciation)

( 256,039,064

( 127,143,015

( 180,306,004

Net realized and unrealized gain (loss)

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

14 unchanged sentences

Net addition (redemption) of 41,900,000 , 10,382,500 , 69,849,932 and 9,943,752 shares, respectively (Note 1)

( 207,674,014

( 170,238,313

Net investment income (loss)

Net realized gain (loss)

Change in net unrealized appreciation (depreciation)

( 344,112,520

1 unchanged sentence

( 301,922,238

Change in net unrealized appreciation (depreciation)

Net income (loss)

7 unchanged sentences

COMBINED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

Cash flow from operating activities

13 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

( 143,377,711

Decrease (Increase) in receivable on futures contracts

5 unchanged sentences

( 1,270,861,493

( 1,065,247,584

Cash flow from financing activities

6 unchanged sentences

Net cash provided by (used in) financing activities

( 191,374,238

Net increase (decrease) in cash

( 416,741,215

( 820,860,846

Cash, beginning of period

7 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2025

September 30, 2025

NOTE 1 - ORGANIZATION

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

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

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”);

22 unchanged sentences

Share Splits and Reverse Share Splits

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

The 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.

63 unchanged sentences

Statements of Cash Flows

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

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 six months ended June 30, 2025 were typically as follows.

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

All times are Eastern Standard Time:

3 unchanged sentences

Ultra Silver and UltraShort Silver

June 30, 2025

September 30, 2025

Ultra Gold and UltraShort Gold

June 30, 2025

September 30, 2025

Ultra Bloomberg Crude Oil,

1 unchanged sentence

UltraShort Bloomberg Crude Oil and

June 30, 2025

September 30, 2025

UltraShort Bloomberg Natural Gas

June 30, 2025

September 30, 2025

UltraShort Euro and

UltraShort Yen

June 30, 2025

September 30, 2025

Short VIX Short-Term Futures ETF,

June 30, 2025

September 30, 2025

Ultra VIX Short-Term Futures ETF,

June 30, 2025

September 30, 2025

VIX Mid-Term Futures ETF and

VIX Short-Term Futures ETF

June 30, 2025

Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redempt ion

units for the six months ended June 30, 2025.

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 six months ended June 30, 2025.

Investment Valuation

6 unchanged sentences

Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades.

Futures contracts valuations are typically categorized as Level

I in the fair value hierarchy.

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

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

17 unchanged sentences

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.

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.

1 unchanged sentence

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

The following table summarizes the va lu

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

The following table summarizes the valuation of investments at September 30, 2025 using the fair value hierarchy:

Level I - Quoted Prices

20 unchanged sentences

Combined Trust:

2,242,894,070

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 June 30, 2025.

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

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

23 unchanged sentences

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

There were no tran sfe

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

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.

21 unchanged sentences

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

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

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

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

Recently Issued Accounting Pronouncement

25 unchanged sentences

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

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

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

Accounting for Derivative Instruments

70 unchanged sentences

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

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

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

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

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

9 unchanged sentences

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

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

All of the outstanding swap agreements at 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.

9 unchanged sentences

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

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

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

Treasury securities.

22 unchanged sentences

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

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

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

Treasury securities.

6 unchanged sentences

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

Fair Value of Derivative Instruments as of June 30, 2025

Fair Value of Derivative Instruments as of September 30, 2025

Asset Derivatives

Liability Derivatives

Derivatives Not

Accounted for as

Hedging Instruments

Derivatives Not Accounted for

as Hedging Instruments

Statements of

3 unchanged sentences

VIX Futures Contracts

Receivable on open

futures contracts

Payable on open

futures contracts

ProShares Short VIX

Short-Term Futures ETF

ProShares Ultra VIX

Short-Term Futures ETF

ProShares VIX Mid-

Term Futures ETF

ProShares VIX Short-

Term Futures ETF

Receivable on open futures contracts

Payable on open futures contracts

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term Futures ETF

ProShares VIX Short-Term Futures ETF

Commodities Contracts

Receivables on

contracts and/or

appreciation on

swap agreements

Payable on open

futures contracts

and/or unrealized

depreciation on

swap agreements

ProShares Ultra

Bloomberg Crude Oil

ProShares Ultra

Bloomberg Natural Gas

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

ProShares Ultra Bloomberg Natural Gas

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort

Bloomberg Crude Oil

ProShares UltraShort

Bloomberg Natural Gas

ProShares UltraShort

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Gold

ProShares UltraShort Silver

Foreign Exchange Contracts

appreciation on

foreign currency

forward contracts

depreciation on

foreign currency

forward contracts

Unrealized appreciation on foreign currency forward contracts

Unrealized depreciation on foreign currency forward contracts

ProShares Ultra Euro

ProShares Ultra Yen

ProShares UltraShort

ProShares UltraShort Euro

ProShares UltraShort Yen

Combined Trust:

4 unchanged sentences

Liability Derivatives

Derivatives Not

Accounted for as

Hedging Instruments

Derivatives Not Accounted

for as Hedging Instruments

Statements of

3 unchanged sentences

VIX Futures Contracts

Receivable on

Payable on open

futures contracts

ProShares Short VIX

Short-Term Futures ETF

ProShares Ultra VIX

Short-Term Futures ETF

ProShares VIX Mid-

Term Futures ETF

ProShares VIX Short-

Term Futures ETF

Receivable on open futures contracts

Payable on open futures contracts

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term Futures ETF

ProShares VIX Short-Term Futures ETF

Commodities Contracts

Receivables on

contracts and/or

appreciation on

swap agreements

Payable on open

futures contracts

and/or unrealized

depreciation on

swap agreements

ProShares Ultra

Bloomberg Crude Oil

ProShares Ultra

Bloomberg Natural Gas

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

ProShares Ultra Bloomberg Natural Gas

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort

Bloomberg Crude Oil

ProShares UltraShort

Bloomberg Natural Gas

ProShares UltraShort

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Gold

ProShares UltraShort Silver

Foreign Exchange Contracts

appreciation on

foreign currency

forward contracts

depreciation on

foreign currency

forward contracts

Unrealized appreciation on foreign currency forward contracts

Unrealized depreciation on foreign currency forward contracts

ProShares Ultra Euro

ProShares Ultra Yen

ProShares UltraShort

ProShares UltraShort Euro

ProShares UltraShort Yen

Combined Trust:

2 unchanged sentences

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended June 30, 2025

For the three months ended September 30, 2025

Derivatives Not Accounted

5 unchanged sentences

Recognized in

(Depreciation) on

(Depreciation)

Recognized in

3 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

( 410,233,402

ProShares VIX Mid-Term Futures ETF

ProShares VIX Short-Term Futures ETF

( 109,920,952

Commodities Contracts

2 unchanged sentences

ProShares Ultra Bloomberg Natural Gas

( 163,780,916

ProShares Ultra Gold

13 unchanged sentences

The Effect of Derivative Instruments on the Statement of Operations

For the six months ended June 30, 2025

For the nine months ended September 30, 2025

Derivatives Not Accounted

11 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

( 254,266,766

ProShares VIX Mid-Term Futures ETF

4 unchanged sentences

ProShares Ultra Bloomberg Natural Gas

( 127,006,905

ProShares Ultra Gold

12 unchanged sentences

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended June 30, 2024

For the three months ended September 30, 2024

Derivatives Not Accounted

17 unchanged sentences

ProShares Ultra Bloomberg Natural Gas

( 372,130,469

ProShares Ultra Gold

ProShares Ultra Silver

( 129,011,226

ProShares UltraShort Bloomberg Crude Oil

11 unchanged sentences

The Effect of Derivative Instruments on the Statement of Operations

For the six months ended June 30, 2024

For the nine months ended September 30, 2024

Derivatives Not Accounted

40 unchanged sentences

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

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2025.

Fair Values of Derivative Instruments as of June 30, 2025

Fair Values of Derivative Instruments as of September 30, 2025

Gross Amounts

36 unchanged sentences

Foreign currency forward contracts

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

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.

1 unchanged sentence

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

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

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

Amounts of Recognized Assets /

41 unchanged sentences

of Recognized

Assets presented

Statements of

Gross Amounts

Offset in the

Statements of

Net Amounts of

Assets presented

Statements of

1 unchanged sentence

of Recognized

the Statements

presented in the

Statements of

Gross Amounts

2 unchanged sentences

Net Amounts of

the Statements

presented in the

Statements of

ProShares Ultra Bloomberg Crude Oil

25 unchanged sentences

Statements of Financial

Financial Instruments

for the Benefit of (the

84 unchanged sentences

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

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

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

Six Months Ended

June 30, 2025

Nine Months Ended

September 30, 2025

ProShares Short VIX Short-Term Futures ETF

16 unchanged sentences

NOTE 6 – FINANCIAL HIGHLIGHTS

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

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

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

Net asset value, at March 31, 2025

Net asset value, at June 30, 2025

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Net asset value, at September 30, 2025

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

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

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

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

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.

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

Per Share Operating Performance

Net asset value, at March 31, 2025

Net asset value, at June 30, 2025

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Net asset value, at September 30, 2025

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

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

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.

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

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

Per Share Operating Performance

Net asset value, at March 31, 2025

Net asset value, at June 30, 2025

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Net asset value, at September 30, 2025

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

6 unchanged sentences

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

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

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.

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

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

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

Futures ETF *

Natural Gas *

Net asset value, at March 31, 2024

Net asset value, at June 30, 2024

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at March 31, 2024 †

Net asset value, at September 30, 2024

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

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

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

Per Share Operating Performance

Futures ETF *

Natural Gas *

Net asset value, at March 31, 2024

Net asset value, at June 30, 2024

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at March 31, 2024 †

Net asset value, at September 30, 2024

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

For the Three Months Ended June

30, 2024 (unaudited)

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

Per Share Operating Performance

Net asset value, at March 31, 2024

Net asset value, at June 30, 2024

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at March 31, 2024 †

Net asset value, at September 30, 2024

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

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

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.

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

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

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

3 unchanged sentences

Change in net asset value from operations

Net asset value, at June 30, 2025

Net asset value, at September 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

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

For the Nine Months Ended September 30, 2025 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at June 30, 2025

Net asset value, at September 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

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

For the Nine Months Ended September 30, 2025 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at June 30, 2025

Net asset value, at September 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

6 unchanged sentences

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

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

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.

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

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

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

Futures ETF *

Natural Gas *

Net asset value, at December 31, 2023

2 unchanged sentences

Change in net asset value from operations

Net asset value, at June 30, 2024

Net asset value, at September 30, 2024

Market value per share, at December 31, 2023 †

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

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

For the Nine Months Ended September 30, 2024 (unaudited)

Per Share Operating Performance

Futures ETF *

Natural Gas *

Net asset value, at December 31, 2023

2 unchanged sentences

Change in net asset value from operations

Net asset value, at June 30, 2024

Net asset value, at September 30, 2024

Market value per share, at December 31, 2023 †

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

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

For the Nine Months Ended September 30, 2024 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at June 30, 2024

Net asset value, at September 30, 2024

Market value per share, at December 31, 2023 †

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

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.

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 June 30, 2024.

Percentages are not annualized for the period ended September 30

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

67 unchanged sentences

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

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

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

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

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

97 unchanged sentences

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

Risks of Government Regulation

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.

2 unchanged sentences

NOTE 8 – SUBSEQUENT EVENTS

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

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

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements