5 unchanged sentences
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.
−Removed: These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report on Form 10-Q for the period ended June 30, 2025, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements.
+Added: 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:
50 unchanged sentences
The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding.
−Removed: ProShares UltraShort Silver and ProShares ProShares VIX Short-Term Futures executed a 1:4 Reverse Split of its shares and ProShares Ultra Bloomberg Natural Gas executed a 1:5 Reverse Split of its shares.
+Added: 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.
5 unchanged sentences
The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price.
−Removed: The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares outstanding.
+Added: The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares
ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares.
9 unchanged sentences
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.
−Removed: During the three and six months ended June 30, 2025 and 2024, each of the Funds earned interest income as follows:
+Added: During the three and nine months ended September 30, 2025 and 2024, each of the Funds earned interest income as follows:
Interest Income
−Removed: June 30, 2025
+Added: September 30, 2025
Interest Income
−Removed: June 30, 2024
+Added: September 30, 2024
Interest Income
−Removed: June 30, 2025
+Added: September 30, 2025
Interest Income
−Removed: June 30, 2024
+Added: September 30, 2024
ProShares Short VIX Short-Term Futures ETF
50 unchanged sentences
Off-Balance Sheet Arrangements and Contractual Obligations
−Removed: As of August 4, 2025, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds.
+Added: 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.
10 unchanged sentences
For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets.
−Removed: Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended June 30, 2025.
+Added: 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.
16 unchanged sentences
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.
−Removed: Results of Operations for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024
+Added: 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
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,068,614 outstanding Shares at March 31, 2025 to 6,568,614 outstanding Shares at June 30, 2025.
−Removed: 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.
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,568,614 outstanding Shares at March 31, 2024 to 4,868,614 outstanding Shares at June 30, 2024.
+Added: 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.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 6.9% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 8.8% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s decline of 6.5% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 15.8% for the three months ended June 30, 2024, can be attributed to a lesser decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser decrease in the value of futures prices during the three months ended June 30, 2025.
+Added: 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
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 15,943,096 outstanding Shares at March 31, 2025 to 18,693,096 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 17,993,096 outstanding Shares at March 31, 2024 to 15,743,096 outstanding Shares at June 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 17.1% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 1.0% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s decline of 7.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 0.5% for the three months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025.
+Added: 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.
+Added: 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 .
+Added: 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.
+Added: 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 .
+Added: 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.
+Added: 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.
+Added: 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
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of WTI Crude Oil during the three months ended June 30, 2025.
+Added: 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
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,723,047 outstanding Shares at March 31, 2025 to 7,223,047 outstanding Shares at June 30, 2025.
+Added: 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 .
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 8,843,709 outstanding Shares at March 31, 2024 to 6,933,709 outstanding Shares at June 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 45.7% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 18.7% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s decline of 22.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 13.9% for the three months ended June 30, 2024, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2025.
+Added: 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.
+Added: 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 .
+Added: 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.
+Added: 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.
+Added: 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
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2025.
+Added: 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.
ProShares Ultra Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at March 31, 2025 to 650,000 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at March 31, 2024 to 500,000 outstanding Shares at June 30, 2024.
+Added: 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.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 17.9% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 1.3% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 8.9% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 0.7% for the three months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the euro versus the U.S.
−Removed: dollar during the three months ended June 30, 2025.
+Added: 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.
+Added: dollar during the three months ended September 30, 2025.
ProShares Ultra Gold*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: The increase in the Funds’s NAV was offset by a decrease from 15,000,000 outstanding Shares at March 31, 2025 to 14,100,000 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 12,000,000 outstanding Shares at March 31, 2024 to 11,200,000 outstanding Shares at June 30, 2024.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 7.4% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 7.4% for the three months ended June 30, 2024, was primarily due to no change in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 5.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 4.9% for the three months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025.
+Added: 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 .
+Added: 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.
+Added: 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 .
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended June 30, 2025.
+Added: 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.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
NAV end of period
+Added: 1,047,679,297
Percentage change in NAV
9 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,696,526 outstanding Shares at March 31, 2025 to 15,046,526 outstanding Shares at June 30, 2025.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
−Removed: By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 14,146,526 outstanding Shares at March 31, 2024 to 15,246,526 outstanding Shares at June 30, 2024.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 2.9% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 31.2% for the three months ended June 30, 2024, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 3.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 17.8% for the three months ended June 30, 2024, can be attributed to a lesser increase in the value of silver futures contracts during the period ended June 30, 2025.
+Added: 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 .
+Added: 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.
+Added: 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.
+Added: 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 .
+Added: 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.
+Added: 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.
+Added: 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.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser increase in the value of futures prices during the three months ended June 30, 2025.
+Added: 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.
ProShares Ultra VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 13,793,643 outstanding Shares at March 31, 2025 to 30,993,643 outstanding Shares at June 30, 2025.
+Added: 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.
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 8,844,891 outstanding Shares at March 31, 2024 to 9,843,643 outstanding Shares at June 30, 2024.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 20.3% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 25.0% for the three months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s decline of 6.5% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 15.8% for the three months ended June 30, 2024, can be attributed to a lesser decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser decrease in the value of futures prices, during the three months ended June 30, 2025.
+Added: 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.
ProShares Ultra Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 2,799,970 outstanding Shares at March 31, 2025 to 2,849,970 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,799,970 outstanding Shares at March 31, 2024 to 2,199,970 outstanding Shares at June 30, 2024.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 6.5% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 13.3% for the three months ended June 30, 2024, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 4.2% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 5.9% for the three months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,849,970 outstanding Shares at June 30, 2025 to 2,449,970 outstanding Shares at September 30, 2025.
+Added: 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 Japanese yen versus the U.S.
+Added: 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 spot price of the Japanese yen versus the U.S.
+Added: The increase in the Fund’s NAV was offset by a decrease from 2,199,970 outstanding Shares at June 30, 2024 to 2,149,970 outstanding Shares at September 30, 2024.
+Added: 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.
+Added: The Fund’s per Share NAV decrease of 6.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 22.4% for the three months ended September 30, 2024, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.
+Added: The benchmark’s decline of 2.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 11.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended June 30, 2025.
+Added: 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 Japanese yen versus the U.S.
+Added: dollar during the three months ended September 30, 2025.
ProShares UltraShort Bloomberg Crude Oil
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 10,705,220 outstanding Shares at March 31, 2025 to 7,505,220 outstanding Shares at June 30, 2025.
+Added: During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,505,220 outstanding Shares at June 30, 2025 to 6,955,220 outstanding Shares at September 30, 2025.
+Added: The decrease in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,405,220 outstanding Shares at June 30, 2024 to 4,955,220 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 the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 12,405,220 outstanding Shares at March 31, 2024 to 11,405,220 outstanding Shares at June 30, 2024.
−Removed: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 7.7% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 2.2% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s decline of 7.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 0.5% for the three months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025.
+Added: 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 inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 2.9% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 25.3% 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.
+Added: 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
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of WTI Crude Oil during the three months ended June 30, 2025.
+Added: 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 an increase in the value of WTI Crude Oil during the three months ended September 30, 2025.
ProShares UltraShort Bloomberg Natural Gas
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,133,712 outstanding Shares at March 31, 2025 to 11,133,712 outstanding Shares at June 30, 2025.
+Added: During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,133,712 outstanding Shares at June 30, 2025 to 4,483,712 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 two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,233,712 outstanding Shares at March 31, 2024 to 2,983,712 outstanding Shares at June 30, 2024.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 29.2% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 35.4% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s decline of 22.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 13.9% for the three months ended June 30, 2024, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2025.
+Added: By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,983,712 outstanding Shares at June 30, 2024 to 2,433,712 outstanding Shares at September 30, 2024.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: 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 inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 39.0% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 10.4% 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.
+Added: 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
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2025.
+Added: 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 decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2025.
ProShares UltraShort Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 1,050,000 outstanding Shares at March 31, 2025 to 1,150,000 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at March 31, 2024 to 1,200,000 outstanding Shares at June 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 15.0% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 2.9% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 8.9% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 0.7% for the three months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,150,000 outstanding Shares at June 30, 2025 to 1,200,000 outstanding Shares at September 30, 2025.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at June 30, 2024 to 1,100,000 outstanding Shares at September 30, 2024.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: 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 inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 2.1% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 6.1% 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.
+Added: 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.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the euro versus the U.S.
−Removed: dollar during the three months ended June 30, 2025.
+Added: 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 the euro versus the U.S.
+Added: dollar during the three months ended September 30, 2025.
ProShares UltraShort Gold*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,773,489 outstanding Shares at March 31, 2025 to 3,423,421 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 323,489 outstanding Shares at March 31, 2024 to 373,489 outstanding Shares at June 30, 2024.
+Added: During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 3,423,421 outstanding Shares at June 30, 2025 to 3,773,421 outstanding Shares at September 30, 2025.
+Added: By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 373,489 outstanding Shares at June 30, 2024 to 523,489 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 the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 11.8% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 7.9% for the three months ended June 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 5.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 4.9% for the three months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025.
+Added: 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 inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 25.4% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 20.1% 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.
+Added: 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.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in average net assets, in conjunction with a greater increase in the value of the futures prices during the three months ended June 30, 2025.
+Added: 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 increase in the value of the 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 reverse Share split for ProShares UltraShort Gold.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,110,264 outstanding Shares at March 31, 2025 to 1,360,264 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
−Removed: By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 360,332 outstanding Shares at March 31, 2024 to 1,697,832 outstanding Shares at June 30, 2024.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 12.1% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 33.3% for the three months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 3.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 17.8% for the three months ended June 30, 2024, can be attributed to a lesser increase in the value of the silver futures contracts during the period ended June 30, 2025.
+Added: During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 1,360,264 outstanding Shares at June 30, 2025 to 1,960,264 outstanding Shares at September 30, 2025.
+Added: By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,697,832 outstanding Shares at June 30, 2024 to 847,832 outstanding Shares at September 30, 2024.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: 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 inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 40.5% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 15.3% 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.
+Added: 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 the silver futures contracts during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser increase in the value of futures prices during the three months ended June 30, 2025.
+Added: 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 increase in the value of futures prices during the three months ended September 30, 2025.
ProShares UltraShort Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 597,160 outstanding Shares at March 31, 2025 to 497,160 outstanding Shares at June 30, 2025.
−Removed: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 797,160 outstanding Shares at March 31, 2024 to 997,160 outstanding Shares at June 30, 2024.
+Added: During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 497,160 outstanding Shares at June 30, 2025 to 647,160 outstanding Shares at September 30, 2025.
The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 6.6% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 16.3% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 4.2% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 5.9% for the three months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 997,160 outstanding Shares at June 30, 2024 to 897,160 outstanding Shares at September 30, 2024.
+Added: 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 inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 7.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.3% 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.
+Added: The benchmark’s decline of 2.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 11.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended June 30, 2025.
+Added: 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 the Japanese yen versus the U.S.
+Added: dollar during the three months ended September 30, 2025.
ProShares VIX Mid-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,162,403 outstanding Shares at March 31, 2025 to 1,287,403 outstanding Shares at June 30, 2025.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,337,403 outstanding Shares at March 31, 2024 to 2,337,403 outstanding Shares at June 30, 2024.
−Removed: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 5.6% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 9.9% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s rise of 6.1% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 9.5% for the three months ended June 30, 2024, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2025.
+Added: During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,287,403 outstanding Shares at June 30, 2025 to 2,812,403 outstanding Shares at September 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,337,403 outstanding Shares at June 30, 2024 to 2,587,403 outstanding Shares at September 30, 2024.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 5.4% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 5.5% 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.
+Added: The benchmark’s decline of 5.0% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 5.8% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the futures prices during the three months ended June 30, 2025.
+Added: 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 futures prices during the three months ended September 30, 2025.
ProShares VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,241,252 outstanding Shares at March 31, 2025 to 3,516,252 outstanding Shares at June 30, 2025.
+Added: During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,516,252 outstanding Shares at June 30, 2025 to 10,241,252 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 the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 3,150,237 outstanding Shares at March 31, 2024 to 3,425,237 outstanding Shares at June 30, 2024.
−Removed: For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 7.0% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 16.2% for the three months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025.
−Removed: The benchmark’s decline of 6.5% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 15.8% for the three months ended June 30, 2024, can be attributed to a lesser decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2025.
+Added: 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 the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The increase in the Fund’s NAV was offset by a decrease from 3,425,237 outstanding Shares at June 30, 2024 to 3,337,737 outstanding Shares at September 30, 2024.
+Added: For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 31.2% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.0% 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.
+Added: 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 the near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024:
+Added: The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser decrease in the value of the futures prices, during the three months ended June 30, 2025.
−Removed: Results of Operations for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
+Added: 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 futures prices, during the three months ended September 30, 2025.
+Added: Results of Operations for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
ProShares Short VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,318,614 outstanding Shares at December 31, 2024 to 6,568,614 outstanding Shares at June 30, 2025.
−Removed: 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.
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The increase in the Fund’s NAV was offset by a decrease from 5,168,614 outstanding Shares at December 31, 2023 to 4,868,614 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 14.8% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 18.7% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 5.1% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 29.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025.
+Added: During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 4,768,614 outstanding Shares at September 30, 2025.
+Added: 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.
+Added: By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 5,168,614 outstanding Shares at December 31, 2023 to 7,268,614 outstanding Shares at September 30, 2024.
+Added: The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which 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.
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 2.0% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 3.0% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of futures prices during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2025.
ProShares Ultra Bloomberg Crude Oil
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 18,693,096 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 15,743,096 outstanding Shares at June 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 18.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 27.5% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s decline of 8.1% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 13.3% for the six months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025.
+Added: During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 16,043,096 outstanding Shares at September 30, 2025.
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 23,393,096 outstanding Shares at September 30, 2024.
+Added: The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which 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 .
+Added: For the nine 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.
+Added: The Fund’s per Share NAV decrease of 18.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 3.5% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s decline of 7.9% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.0% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of WTI Crude Oil during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due a decrease in the value of WTI Crude Oil during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due a greater decrease in the value of WTI Crude Oil during the nine months ended September 30, 2025.
ProShares Ultra Bloomberg Natural Gas
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2024 to June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 6,933,709 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 15.5% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 45.4% for the six months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 2.2% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 18.8% for the six months ended June 30, 2024, can be attributed to an increase in the value of Henry Hub Natural Gas during the period ended June 30, 2025.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at December 31, 2024 to 18,373,047 outstanding Shares at September 30, 2025.
+Added: 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 .
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 11,103,709 outstanding Shares at September 30, 2024.
+Added: For the nine 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.
+Added: The Fund’s per Share NAV decrease of 46.2% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 58.9% for the nine months ended September 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s decline of 16.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 27.1% for the nine months ended September 30, 2024, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of Henry Hub Natural Gas during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2025.
ProShares Ultra Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 550,000 outstanding Shares at December 31, 2024 to 650,000 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at December 31, 2023 to 500,000 outstanding Shares at June 30, 2024.
−Removed: 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.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 28.1% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 5.6% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 13.7% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 3.0% for the six months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: During the nine 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 spot price of the euro versus the U.S.
+Added: There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025.
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at December 31, 2023 to 450,000 outstanding Shares at September 30, 2024.
+Added: The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which 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.
+Added: For the nine 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.
+Added: The Fund’s per Share NAV increase of 26.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 2.0% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 13.3% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 0.8% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the euro versus the U.S.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the euro versus the U.S.
−Removed: dollar during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the euro versus the U.S.
+Added: dollar during the nine months ended September 30, 2025.
ProShares Ultra Gold*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: The increase in the Funds’s NAV also resulted in part by an increase from 12,400,000 outstanding Shares at December 31, 2024 to 14,100,000 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 12,000,000 outstanding Shares at December 31, 2023 to 11,200,000 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 47.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 21.1% for the six months ended June 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 24.4% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 12.7% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025.
+Added: During the nine 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 Gold Subindex SM .
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 12,400,000 outstanding Shares at December 31, 2024 to 17,700,000 outstanding Shares at September 30, 2025.
+Added: By comparison, during the nine 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 .
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 12,000,000 outstanding Shares at December 31, 2023 to 12,400,000 outstanding Shares at September 30, 2024.
+Added: For the nine 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.
+Added: The Fund’s per Share NAV increase of 95.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 51.0% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 44.8% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 27.2% for the nine 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.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a greater increase in futures prices, during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in futures prices, during the nine 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.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
NAV end of period
+Added: 1,047,679,297
Percentage change in NAV
9 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,046,526 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 15,246,526 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 40.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 37.2% for the six months ended June 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 22.9% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 22.3% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended June 30, 2025.
+Added: During the nine 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 .
+Added: The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 13,846,526 outstanding Shares at September 30, 2025.
+Added: By comparison, during the nine 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 Silver Subindex SM .
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 16,446,526 outstanding Shares at September 30, 2024.
+Added: For the nine 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.
+Added: The Fund’s per Share NAV increase of 125.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 48.6% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 58.1% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 30.0% for the nine 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.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due a greater increase in the value of futures prices during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the nine months ended September 30, 2025.
ProShares Ultra VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 13,693,643 outstanding Shares at December 31, 2024 to 30,993,643 outstanding Shares at June 30, 2025.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 13,693,643 outstanding Shares at December 31, 2024 to 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.
−Removed: By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 8,264,892 outstanding Shares at December 31, 2023 to 9,843,643 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 10.0% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 44.1% for the six months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 5.1% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 29.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025.
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The decrease in the Fund’s NAV was offset by an increase from 8,264,892 outstanding Shares at December 31, 2023 to 11,443,643 outstanding Shares at September 30, 2024.
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 49.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 40.8% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of futures prices during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2025.
ProShares Ultra Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,849,970 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,199,970 outstanding Shares at June 30, 2024.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,449,970 outstanding Shares at September 30, 2025.
+Added: The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,149,970 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 spot price of the Japanese yen versus the U.S.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 26.3% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 9.3% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 12.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: For the nine 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.
+Added: The Fund’s per Share NAV increase of 7.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 9.8% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 6.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.9% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the nine months ended September 30, 2025.
ProShares UltraShort Bloomberg Crude Oil
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 7,205,220 outstanding Shares at December 31, 2024 to 7,505,220 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 9,105,220 outstanding Shares at December 31, 2023 to 11,405,220 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 6.5% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 25.0% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s decline of 8.1% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 13.3% for the six months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025.
+Added: During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,205,220 outstanding Shares at December 31, 2024 to 6,955,220 outstanding Shares at September 30, 2025.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,105,220 outstanding Shares at December 31, 2023 to 4,955,220 outstanding Shares at September 30, 2024.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 3.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 5.9% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s decline of 7.9% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.0% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of WTI Crude Oil during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a decrease in the value of WTI Crude Oil, during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of WTI Crude Oil, during the nine months ended September 30, 2025.
ProShares UltraShort Bloomberg Natural Gas
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 11,133,712 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,933,712 outstanding Shares at December 31, 2023 to 2,983,712 outstanding Shares at June 30, 2024.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 41.7% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 2.8% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 2.2% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 18.8% for the six months ended June 30, 2024, can be attributed to an increase in the value of Henry Hub Natural Gas during the period ended June 30, 2025.
+Added: During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,983,712 outstanding Shares at December 31, 2024 to 4,483,712 outstanding Shares at September 30, 2025.
+Added: 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 the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,933,712 outstanding Shares at December 31, 2023 to 2,433,712 outstanding Shares at September 30, 2024.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 18.9% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.5% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s decline of 16.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 27.1% for the nine months ended September 30, 2024, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of Henry Hub Natural Gas during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2025.
ProShares UltraShort Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,150,000 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,200,000 outstanding Shares at June 30, 2024.
+Added: During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025.
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,100,000 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 the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 21.4% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 9.2% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 13.7% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 3.0% for the six months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 19.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 2.6% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 13.3% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 0.8% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the euro versus the U.S.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the euro versus the U.S.
−Removed: dollar during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the euro versus the U.S.
+Added: dollar during the nine months ended September 30, 2025.
ProShares UltraShort Gold*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 473,489 outstanding Shares at March 31, 2025 to 3,423,421 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 223,489 outstanding Shares at December 31, 2023 to 373,489 outstanding Shares at June 30, 2024.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 473,489 outstanding Shares at December 31, 2024 to 3,773,421 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 the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 36.1% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.2% for the six months ended June 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 24.4% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 12.7% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025.
+Added: By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 223,489 outstanding Shares at December 31, 2023 to 523,489 outstanding Shares at September 30, 2024.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 52.3% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 34.6% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 44.8% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 27.2% for the nine 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.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in average net assets, in conjunction with a greater increase in the value of the futures prices during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the futures prices during the nine 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 reverse Share split for ProShares UltraShort Gold.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 560,264 outstanding Shares at December 31, 2024 to 1,360,264 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 897,832 outstanding Shares at December 31, 2023 to 1,697,832 outstanding Shares at June 30, 2024.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 560,264 outstanding Shares at December 31, 2024 to 1,960,264 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 the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 38.6% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 38.2% for the six months ended June 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 22.9% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 22.3% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended June 30, 2025.
+Added: By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 897,832 outstanding Shares at December 31, 2023 to 847,832 outstanding Shares at September 30, 2024.
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 63.5% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 47.6% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 58.1% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 30.0% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a greater increase in the value of futures prices during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the nine months ended September 30, 2025.
ProShares UltraShort Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 547,160 outstanding Shares at December 31, 2024 to 497,160 outstanding Shares at June 30, 2025.
−Removed: By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 697,160 outstanding Shares at December 31, 2023 to 997,160 outstanding Shares at June 30, 2024.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 547,160 outstanding Shares at December 31, 2024 to 647,160 outstanding Shares at September 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 697,160 outstanding Shares at December 31, 2023 to 897,160 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 the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 13.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 38.3% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 9.3% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 12.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended June 30, 2025.
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 6.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.0% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 6.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.9% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the nine months ended September 30, 2025.
ProShares VIX Mid-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,937,403 outstanding Shares at December 31, 2024 to 1,287,403 outstanding Shares at June 30, 2025.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 2,262,403 outstanding Shares at December 31, 2023 to 2,337,403 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 14.6% for the six months ended June 30, 2024, was primarily due to appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 16.2% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 13.8% for the six months ended June 30, 2024, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2025.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,937,403 outstanding Shares at December 31, 2024 to 2,812,403 outstanding Shares at September 30, 2025.
+Added: The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,262,403 outstanding Shares at December 31, 2023 to 2,587,403 outstanding Shares at September 30, 2024.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 9.1% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 10.0% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s rise of 10.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 8.8% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of the futures prices during the six months ended June 30, 2025.
+Added: The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to an increase in the value of the futures prices during the nine months ended September 30, 2025.
ProShares VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 3,516,252 outstanding Shares at June 30, 2025.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 2,537,737 outstanding Shares at December 31, 2023 to 3,425,237 outstanding Shares at June 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 3.9% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 30.1% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025.
−Removed: The benchmark’s rise of 5.1% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 29.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2025.
+Added: During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 10,241,252 outstanding Shares at September 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,537,737 outstanding Shares at December 31, 2023 to 3,337,737 outstanding Shares at September 30, 2024.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 28.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 21.0% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.
+Added: The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024:
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of the futures prices during the six months ended June 30, 2025.
+Added: The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of the futures prices during the nine months ended September 30, 2025.
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.