ProShares Trust II 10-Q

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report on Form 10-Q for the period ended September 30, 2025, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions. Introduction Each of the Funds generally invests in instruments whose value is derived from the value of an underlying asset, rate or index (Collectively, “Financial Instruments”), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds. The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation. Each Geared Fund seeks investment results for a single day only, not for any other period. This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x, -2x, 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period. Volatility of the benchmark may be at least as important to a Geared Fund’s return for the period as the return of the benchmark. Geared Funds that use leverage, are riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, these Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily. Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”). 1 Table of Contents ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Bloomberg Natural Gas, ProShares Ultra Bloomberg Crude Oil, and ProShares Ultra Bloomberg Natural Gas are benchmarked to indexes designed to track the performance of commodity futures contracts, as applicable. The daily performance of these Indexes and the corresponding Funds will likely be very different in amount and possibly even direction from the daily performance of the price of the related physical commodities. Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public. The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov. Forward and Reverse Splits On March 20, 2024, the Trust issued a press release announcing a forward share split on ProShares Short VIX Short-Term Futures, ProShares UltraShort Bloomberg Natural Gas and a reverse share split on ProShares Ultra VIX Short-Term Futures. The Splits did not change the value of a shareholder’s investment. ProShares Short VIX Short-Term Futures executed a 2:1 Forward Split of its shares. ProShares UltraShort Bloomberg Natural Gas also executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on April 11, 2024, when the Funds begin trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on April 11, 2024, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y755 for UVXY). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On October 28, 2024, the Trust issued a press release announcing a forward share split on ProShares UltraShort Yen and a reverse share split on ProShares UltraShort Silver, ProShares VIX Short-Term Futures, ProShares Ultra Bloomberg Natural Gas. The Splits did not change the value of a shareholder’s investment. ProShares UltraShort Yen executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on November 7, 2024, when the Funds began trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Silver and ProShares VIX Short-Term Futures executed a 1:4 Reverse Split of its shares and ProShares Ultra Bloomberg Natural Gas executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on November 7, 2024, when the Fund begins trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y722 for ZSL), (74347Y730 for VIXY), (74347Y748 for BOIL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares 2 Table of Contents outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. Liquidity and Capital Resources In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three and nine months ended September 30, 2025 and 2024, each of the Funds earned interest income as follows: Fund Interest Income Three Months Ended September 30, 2025 Interest Income Three Months Ended September 30, 2024 Interest Income Nine Months Ended September 30, 2025 Interest Income Nine Months Ended September 30, 2024 ProShares Short VIX Short-Term Futures ETF $ 2,269,580 $ 5,814,236 $ 8,090,223 $ 12,580,744 ProShares Ultra Bloomberg Crude Oil 2,538,935 6,074,652 9,284,651 17,591,301 ProShares Ultra Bloomberg Natural Gas 4,121,370 7,125,254 9,102,000 19,996,081 ProShares Ultra Euro 72,530 61,969 186,574 211,272 ProShares Ultra Gold 5,843,146 3,315,167 14,701,668 8,148,441 ProShares Ultra Silver 6,938,402 7,482,201 19,053,657 17,362,781 ProShares Ultra VIX Short-Term Futures ETF 5,292,243 2,501,794 10,984,632 7,595,859 ProShares Ultra Yen 541,875 541,372 1,650,309 1,395,183 ProShares UltraShort Bloomberg Crude Oil 1,262,490 1,865,946 4,373,667 6,398,993 ProShares UltraShort Bloomberg Natural Gas 1,926,416 1,150,564 10,289,665 4,075,138 ProShares UltraShort Euro 311,072 400,294 962,527 1,288,483 ProShares UltraShort Gold 543,256 148,896 1,468,731 468,826 ProShares UltraShort Silver 202,742 672,005 607,679 1,650,859 ProShares UltraShort Yen 252,079 449,333 669,840 1,220,993 ProShares VIX Mid-Term Futures ETF 322,262 370,229 820,355 1,992,242 ProShares VIX Short-Term Futures ETF 2,597,119 1,554,282 5,348,650 4,932,465 Each Fund’s underlying swaps, futures, options, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions. Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person. 3 Table of Contents The large size of the positions in which a Fund may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Investments related to one benchmark, which in many cases is highly concentrated. Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). Market Risk Trading in derivatives contracts involves each Fund entering into contractual commitments to purchase or sell a commodity, currency or spot volatility product underlying such Fund’s benchmark at a specified date and price, should it hold such derivative contract into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk. For more information, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this Quarterly Report on Form 10-Q. Credit Risk When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions. Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to a Fund. Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank. Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards. Thus, prior to settlement, if the counterparty to a forward contract defaults, a Fund’s risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any. However, if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used. The Sponsor attempts to minimize certain of these market and credit risks by normally: • executing and clearing trades with creditworthy counterparties, as determined by the Sponsor; • limiting the outstanding amounts due from counterparties to the Funds; • not posting margin directly with a counterparty; • requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds; • limiting the amount of margin or premium posted at a FCM; and • ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for. 4 Table of Contents Off-Balance Sheet Arrangements and Contractual Obligations As of November 3, 2025, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position. Management fee payments made to the Sponsor are calculated as a fixed percentage of each Fund’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date. The agreement with the Sponsor may be terminated by either party upon 30 days written notice to the other party. Critical Accounting Policies Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate accounting rules and guidance, as well as the use of estimates. The Trust’s and the Funds’ application of these policies involves judgments and actual results may differ from the estimates used. Each Fund has significant exposure to Financial Instruments. The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations. The use of fair value to measure Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’ financial statements. The fair value of a Financial Instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended September 30, 2025. Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards. Fair value pricing may require subjective determinations about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts. Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively. 5 Table of Contents Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions in VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually. 6 Table of Contents Results of Operations for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024 ProShares Short VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 279,925,400 $ 298,712,515 NAV end of period $ 243,299,521 $ 364,574,356 Percentage change in NAV (13.1 )% 22.0 % Shares outstanding beginning of period 6,568,614 4,868,614 Shares outstanding end of period 4,768,614 7,268,614 Percentage change in shares outstanding (27.4 )% 49.3 % Shares created —  12,300,000 Shares redeemed 1,800,000 9,900,000 Per share NAV beginning of period $ 42.62 $ 61.35 Per share NAV end of period $ 51.02 $ 50.16 Percentage change in per share NAV 19.7 % (18.2 )% Percentage change in benchmark (30.9 )% 13.7 % Benchmark annualized volatility 38.8 % 130.9 % During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,568,614 outstanding Shares at June 30, 2025 to 4,768,614 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 4,868,614 outstanding Shares at June 30, 2024 to 7,268,614 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 19.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.2% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025. 7 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 1,524,470 $ 4,269,606 Management fee 601,947 1,173,293 Brokerage commission 125,536 346,441 Futures account fees 17,627 24,896 Net realized gain (loss) 46,614,593 (7,503,293 ) Change in net unrealized appreciation (depreciation) (3,676,998 ) (4,186,274 ) Net Income (loss) $ 44,462,065 $ (7,419,961 ) The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of futures prices during the three months ended September 30, 2025. ProShares Ultra Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 420,493,513 $ 527,486,095 NAV end of period $ 359,079,095 $ 593,222,255 Percentage change in NAV (14.6 )% 12.5 % Shares outstanding beginning of period 18,693,096 15,743,096 Shares outstanding end of period 16,043,096 23,393,096 Percentage change in shares outstanding (14.2 )% 48.6 % Shares created 4,250,000 16,200,000 Shares redeemed 6,900,000 8,550,000 Per share NAV beginning of period $ 22.49 $ 33.51 Per share NAV end of period $ 22.38 $ 25.36 Percentage change in per share NAV (0.5 )% (24.3 )% Percentage change in benchmark 0.2 % (12.6 )% Benchmark annualized volatility 21.0 % 26.2 % During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 18,693,096 outstanding Shares at June 30, 2025 to 16,043,096 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, in conjunction with the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,743,096 outstanding Shares at June 30, 2024 to 23,393,096 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 0.5% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.3% for the three months ended September 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. 8 Table of Contents The benchmark’s rise of 0.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 12.6% for the three months ended September 30, 2024, can be attributed to an increase in the value of WTI Crude Oil during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 1,571,960 $ 4,742,745 Management fee 919,884 1,266,843 Brokerage commission 47,091 65,064 Net realized gain (loss) 15,487,461 (66,826,014 ) Change in net unrealized appreciation (depreciation) (7,007,743 ) (59,041,810 ) Net Income (loss) $ 10,051,678 $ (121,125,079 ) The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to an increase in the value of WTI Crude Oil during the three months ended September 30, 2025. ProShares Ultra Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 334,757,794 $ 540,643,821 NAV end of period $ 542,210,220 $ 651,821,105 Percentage change in NAV 62.0 % 20.6 % Shares outstanding beginning of period 7,223,047 6,933,709 Shares outstanding end of period 18,373,047 11,103,709 Percentage change in shares outstanding 154.4 % 60.1 % Shares created 28,200,000 10,350,000 Shares redeemed 17,050,000 6,180,000 Per share NAV beginning of period $ 46.35 $ 77.97 Per share NAV end of period $ 29.51 $ 58.70 Percentage change in per share NAV (36.3 )% (24.7 )% Percentage change in benchmark (18.2 )% (10.2 )% Benchmark annualized volatility 36.1 % 44.5 % During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at June 30, 2025 to 18,373,047 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 6,933,709 outstanding Shares at June 30, 2024 to 11,103,709 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . 9 Table of Contents For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 36.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.7% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 18.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 10.2% for the three months ended September 30, 2024, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 2,571,611 $ 4,917,857 Management fee 1,088,659 1,479,083 Brokerage commission 411,698 681,738 Futures account fees 49,402 46,576 Net realized gain (loss) (163,780,730 ) (372,130,469 ) Change in net unrealized appreciation (depreciation) 28,737,488 260,259,730 Net Income (loss) $ (132,471,631 ) $ (106,952,882 ) The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2025. 10 Table of Contents ProShares Ultra Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 8,708,069 $ 5,595,533 NAV end of period $ 7,272,104 $ 5,440,209 Percentage change in NAV (16.5 )% (2.8 )% Shares outstanding beginning of period 650,000 500,000 Shares outstanding end of period 550,000 450,000 Percentage change in shares outstanding (15.4 )% (10.0 )% Shares created —  —  Shares redeemed 100,000 50,000 Per share NAV beginning of period $ 13.40 $ 11.19 Per share NAV end of period $ 13.22 $ 12.09 Percentage change in per share NAV (1.3 )% 8.0 % Percentage change in benchmark (0.3 )% 3.9 % Benchmark annualized volatility 8.6 % 5.4 % During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 650,000 outstanding Shares at June 30, 2025 to 550,000 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at June 30, 2024 to 450,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 1.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.0% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 0.3% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 3.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 53,812 $ 48,936 Management fee 18,718 13,033 Net realized gain (loss) 220,691 182,638 Change in net unrealized appreciation (depreciation) (434,179 ) 187,048 Net Income (loss) $ (159,676 ) $ 418,622 The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended September 30, 2025. 11 Table of Contents ProShares Ultra Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 485,005,243 $ 216,456,025 NAV end of period $ 809,280,918 $ 298,882,222 Percentage change in NAV 66.9 % 38.1 % Shares outstanding beginning of period 14,100,000 11,200,000 Shares outstanding end of period 17,700,000 12,400,000 Percentage change in shares outstanding 25.5 % 10.7 % Shares created 7,000,000 3,400,000 Shares redeemed 3,400,000 2,200,000 Per share NAV beginning of period $ 34.40 $ 19.33 Per share NAV end of period $ 45.72 $ 24.10 Percentage change in per share NAV 32.9 % 24.7 % Percentage change in benchmark 16.4 % 12.9 % Benchmark annualized volatility 13.7 % 14.3 % During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Fund’s NAV also resulted in part from an increase from 14,100,000 outstanding Shares at June 30, 2025 to 17,700,000 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Fund’s NAV also resulted in part from an increase from 11,200,000 outstanding Shares at June 30, 2024 to 12,400,000 outstanding Shares at September 30, 2024. For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 32.9% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 24.7% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s rise of 16.4% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 12.9% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025. 12 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 4,397,620 $ 2,677,335 Management fee 1,426,882 628,619 Brokerage commission 18,644 9,213 Net realized gain (loss) 38,694,419 12,042,718 Change in net unrealized appreciation (depreciation) 144,544,484 41,957,497 Net Income (loss) $ 187,636,523 $ 56,677,550 The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025. * See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold. ProShares Ultra Silver Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 708,196,011 $ 570,829,521 NAV end of period $ 1,047,679,297 $ 666,782,470 Percentage change in NAV 47.9 % 16.8 % Shares outstanding beginning of period 15,046,526 15,246,526 Shares outstanding end of period 13,846,526 16,446,526 Percentage change in shares outstanding (8.0 )% 7.9 % Shares created 4,700,000 4,700,000 Shares redeemed 5,900,000 3,500,000 Per share NAV beginning of period $ 47.07 $ 37.44 Per share NAV end of period $ 75.66 $ 40.54 Percentage change in per share NAV 60.7 % 8.3 % Percentage change in benchmark 28.6 % 6.3 % Benchmark annualized volatility 22.3 % 32.0 % During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . The increase in the Fund’s NAV was offset by a decrease from 15,046,526 outstanding Shares at June 30, 2025 to 13,846,526 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,246,526 outstanding Shares at June 30, 2024 to 16,446,526 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 60.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.3% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s rise of 28.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 6.3% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended September 30, 2025. 13 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 4,938,126 $ 6,019,174 Management fee 1,949,744 1,417,159 Brokerage commission 50,532 45,868 Net realized gain (loss) 138,583,885 (129,011,251 ) Change in net unrealized appreciation (depreciation) 263,016,530 182,446,021 Net Income (loss) $ 406,538,541 $ 59,453,944 The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025. 14 Table of Contents ProShares Ultra VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 579,408,908 $ 232,135,198 NAV end of period $ 648,094,422 $ 285,351,963 Percentage change in NAV 11.9 % 22.9 % Shares outstanding beginning of period 30,993,643 9,843,643 Shares outstanding end of period 62,093,643 11,443,643 Percentage change in shares outstanding 100.3 % 16.3 % Shares created 49,350,000 19,350,000 Shares redeemed 18,250,000 17,750,000 Per share NAV beginning of period $ 18.69 $ 23.58 Per share NAV end of period $ 10.44 $ 24.94 Percentage change in per share NAV (44.1 )% 5.7 % Percentage change in benchmark (30.9 )% 13.7 % Benchmark annualized volatility 38.8 % 130.9 % During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 30,993,643 outstanding Shares at June 30, 2025 to 62,093,643 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 9,843,643 outstanding Shares at June 30, 2024 to 11,443,643 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark. The Fund’s per Share NAV decrease of 44.1% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 5.7% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025. The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 2,399,298 $ 1,321,242 Management fee 1,636,145 583,266 Brokerage commission 1,025,774 534,432 Futures account fees 231,026 62,854 Net realized gain (loss) (410,232,837 ) (36,612,258 ) Change in net unrealized appreciation (depreciation) 19,286,761 14,570,793 Net Income (loss) $ (388,546,778 ) $ (20,720,223 ) The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices, during the three months ended September 30, 2025. 15 Table of Contents ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 66,461,439 $ 44,510,138 NAV end of period $ 53,309,336 $ 53,234,065 Percentage change in NAV (19.8 )% 19.6 % Shares outstanding beginning of period 2,849,970 2,199,970 Shares outstanding end of period 2,449,970 2,149,970 Percentage change in shares outstanding (14.0 )% (2.3 )% Shares created —  550,000 Shares redeemed 400,000 600,000 Per share NAV beginning of period $ 23.32 $ 20.23 Per share NAV end of period $ 21.76 $ 24.76 Percentage change in per share NAV (6.7 )% 22.4 % Percentage change in benchmark (2.6 )% 11.9 % Benchmark annualized volatility 10.9 % 12.9 % 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. 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. dollar. 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. dollar. 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. For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 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. 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. dollar during the period ended September 30, 2025. 16 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 402,393 $ 422,494 Management fee 139,482 118,878 Net realized gain (loss) (3,272,292 ) 6,834,509 Change in net unrealized appreciation (depreciation) (1,422,005 ) 2,618,114 Net Income (loss) $ (4,291,904 ) $ 9,875,117 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. dollar during the three months ended September 30, 2025. ProShares UltraShort Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 135,277,470 $ 177,620,038 NAV end of period $ 121,702,439 $ 96,729,953 Percentage change in NAV (10.0 )% (45.5 )% Shares outstanding beginning of period 7,505,220 11,405,220 Shares outstanding end of period 6,955,220 4,955,220 Percentage change in shares outstanding (7.3 )% (56.6 )% Shares created 5,450,000 2,250,000 Shares redeemed 6,000,000 8,700,000 Per share NAV beginning of period $ 18.02 $ 15.57 Per share NAV end of period $ 17.50 $ 19.52 Percentage change in per share NAV (2.9 )% 25.3 % Percentage change in benchmark 0.2 % (12.6 )% Benchmark annualized volatility 21.0 % 26.2 % During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,505,220 outstanding Shares at June 30, 2025 to 6,955,220 outstanding Shares at September 30, 2025. 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 . 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 . 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. 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. 17 Table of Contents The benchmark’s rise of 0.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 12.6% for the three months ended September 30, 2024, can be attributed to an increase in the value of WTI Crude Oil during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 900,999 $ 1,451,008 Management fee 315,179 363,340 Brokerage commission 46,312 51,598 Net realized gain (loss) 4,631,229 12,329,186 Change in net unrealized appreciation (depreciation) (3,727,668 ) 28,466,868 Net Income (loss) $ 1,804,560 $ 42,247,062 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. 18 Table of Contents ProShares UltraShort Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 283,266,637 $ 147,292,427 NAV end of period $ 158,537,958 $ 132,693,025 Percentage change in NAV (44.0 )% (9.9 )% Shares outstanding beginning of period 11,133,712 2,983,712 Shares outstanding end of period 4,483,712 2,433,712 Percentage change in shares outstanding (59.7 )% (18.4 )% Shares created 6,050,000 2,700,000 Shares redeemed 12,700,000 3,250,000 Per share NAV beginning of period $ 25.44 $ 49.37 Per share NAV end of period $ 35.36 $ 54.52 Percentage change in per share NAV 39.0 % 10.4 % Percentage change in benchmark (18.2 )% (10.2 )% Benchmark annualized volatility 36.1 % 44.5 % 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 . 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. 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 . 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. 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. The benchmark’s decline of 18.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 10.2% for the three months ended September 30, 2024, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 1,269,108 $ 762,495 Management fee 477,225 224,779 Brokerage commission 167,957 156,391 Futures account fees 12,126 6,899 Net realized gain (loss) 116,766,285 90,004,014 Change in net unrealized appreciation (depreciation) (27,089,937 ) (55,764,309 ) Net Income (loss) $ 90,945,456 $ 35,002,200 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. 19 Table of Contents ProShares UltraShort Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 31,567,012 $ 38,226,983 NAV end of period $ 33,625,132 $ 32,912,508 Percentage change in NAV 6.5 % (13.9 )% Shares outstanding beginning of period 1,150,000 1,200,000 Shares outstanding end of period 1,200,000 1,100,000 Percentage change in shares outstanding 4.3 % (8.3 )% Shares created 200,000 —  Shares redeemed 150,000 100,000 Per share NAV beginning of period $ 27.45 $ 31.86 Per share NAV end of period $ 28.02 $ 29.92 Percentage change in per share NAV 2.1 % (6.1 )% Percentage change in benchmark (0.3 )% 3.9 % Benchmark annualized volatility 8.6 % 5.4 % 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. 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. dollar. 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. 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. dollar. For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. 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. The benchmark’s decline of 0.3% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 3.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended September 30, 2025. 20 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 229,237 $ 315,526 Management fee 81,835 84,768 Net realized gain (loss) (1,411,883 ) (1,317,854 ) Change in net unrealized appreciation (depreciation) 1,649,460 (1,247,585 ) Net Income (loss) $ 466,814 $ (2,249,913 ) 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. dollar during the three months ended September 30, 2025. ProShares UltraShort Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 76,838,176 $ 16,131,791 NAV end of period $ 63,190,713 $ 18,058,490 Percentage change in NAV (17.8 )% 11.9 % Shares outstanding beginning of period 3,423,421 373,489 Shares outstanding end of period 3,773,421 523,489 Percentage change in shares outstanding 10.2 % 40.2 % Shares created 2,650,000 300,000 Shares redeemed 2,300,000 150,000 Per share NAV beginning of period $ 22.44 $ 43.19 Per share NAV end of period $ 16.75 $ 34.50 Percentage change in per share NAV (25.4 )% (20.1 )% Percentage change in benchmark 16.4 % 12.9 % Benchmark annualized volatility 13.7 % 14.3 % 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 . 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. 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 . 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. 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. 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. 21 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 385,326 $ 113,799 Management fee 155,211 34,177 Brokerage commission 2,719 920 Net realized gain (loss) (9,140,381 ) (1,409,519 ) Change in net unrealized appreciation (depreciation) (8,051,107 ) (1,762,993 ) Net Income (loss) $ (16,806,162 ) $ (3,058,713 ) 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. ProShares UltraShort Silver Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 35,410,975 $ 76,198,743 NAV end of period $ 30,352,080 $ 32,222,722 Percentage change in NAV (14.3 )% (57.7 )% Shares outstanding beginning of period 1,360,264 1,697,832 Shares outstanding end of period 1,960,264 847,832 Percentage change in shares outstanding 44.1 % (50.1 )% Shares created 2,100,000 687,500 Shares redeemed 1,500,000 1,537,500 Per share NAV beginning of period $ 26.03 $ 44.88 Per share NAV end of period $ 15.48 $ 38.01 Percentage change in per share NAV (40.5 )% (15.3 )% Percentage change in benchmark 28.6 % 6.3 % Benchmark annualized volatility 22.3 % 32.0 % 22 Table of Contents 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 . 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. 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. 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 . 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. 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. 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 The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 131,582 $ 507,144 Management fee 68,100 149,940 Brokerage commission 3,060 14,921 Net realized gain (loss) (6,846,972 ) 5,993,727 Change in net unrealized appreciation (depreciation) (6,273,570 ) (9,520,751 ) Net Income (loss) $ (12,988,960 ) $ (3,019,880 ) 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. 23 Table of Contents ProShares UltraShort Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 20,559,703 $ 47,495,032 NAV end of period $ 28,808,714 $ 34,904,924 Percentage change in NAV 40.1 % (26.5 )% Shares outstanding beginning of period 497,160 997,160 Shares outstanding end of period 647,160 897,160 Percentage change in shares outstanding 30.2 % (10.0 )% Shares created 500,000 300,000 Shares redeemed 350,000 400,000 Per share NAV beginning of period $ 41.35 $ 47.63 Per share NAV end of period $ 44.52 $ 38.91 Percentage change in per share NAV 7.7 % (18.3 )% Percentage change in benchmark (2.6 )% 11.9 % Benchmark annualized volatility 10.9 % 12.9 % 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. dollar. 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. dollar. 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. 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. 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. 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. dollar during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 187,018 $ 356,054 Management fee 65,061 93,279 Net realized gain (loss) 844,126 (5,013,671 ) Change in net unrealized appreciation (depreciation) 616,122 (3,366,298 ) Net Income (loss) $ 1,647,266 $ (8,023,915 ) 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. dollar during the three months ended September 30, 2025. 24 Table of Contents ProShares VIX Mid-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 21,537,610 $ 33,401,452 NAV end of period $ 44,522,647 $ 38,983,834 Percentage change in NAV 106.7 % 16.7 % Shares outstanding beginning of period 1,287,403 2,337,403 Shares outstanding end of period 2,812,403 2,587,403 Percentage change in shares outstanding 118.5 % 10.7 % Shares created 1,600,000 825,000 Shares redeemed 75,000 575,000 Per share NAV beginning of period $ 16.73 $ 14.29 Per share NAV end of period $ 15.83 $ 15.07 Percentage change in per share NAV (5.4 )% 5.5 % Percentage change in benchmark (5.0 )% 5.8 % Benchmark annualized volatility 15.3 % 48.3 % 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. 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. 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. 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. 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. 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. 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. 25 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 232,853 $ 290,687 Management fee 74,709 66,736 Brokerage commission 10,101 8,201 Futures account fees 4,599 4,605 Net realized gain (loss) (1,349,262 ) 2,713,929 Change in net unrealized appreciation (depreciation) (1,372,511 ) 455,038 Net Income (loss) $ (2,488,920 ) $ 3,459,654 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 The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 NAV beginning of period $ 164,541,842 $ 148,420,028 NAV end of period $ 329,584,482 $ 163,397,433 Percentage change in NAV 100.3 % 10.1 % Shares outstanding beginning of period 3,516,252 3,425,237 Shares outstanding end of period 10,241,252 3,337,737 Percentage change in shares outstanding 191.3 % (2.6 )% Shares created 7,000,000 2,637,500 Shares redeemed 275,000 2,725,000 Per share NAV beginning of period $ 46.79 $ 43.33 Per share NAV end of period $ 32.18 $ 48.95 Percentage change in per share NAV (31.2 )% 13.0 % Percentage change in benchmark (30.9 )% 13.7 % Benchmark annualized volatility 38.8 % 130.9 % 26 Table of Contents 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. 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. 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. 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. 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. 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 The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Net investment income (loss) $ 1,746,868 $ 1,120,410 Management fee 628,098 298,739 Brokerage commission 160,166 109,695 Futures account fees 61,987 25,438 Net realized gain (loss) (109,920,852 ) 47,465,974 Change in net unrealized appreciation (depreciation) (1,512,437 ) 5,179,115 Net Income (loss) $ (109,686,421 ) $ 53,765,499 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. 27 Table of Contents 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 The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 266,090,233 $ 267,184,359 NAV end of period $ 243,299,521 $ 364,574,356 Percentage change in NAV (8.6 )% 36.5 % Shares outstanding beginning of period 5,318,614 5,168,614 Shares outstanding end of period 4,768,614 7,268,614 Percentage change in shares outstanding (10.3 )% 40.6 % Shares created 18,650,000 15,050,000 Shares redeemed 19,200,000 12,950,000 Per share NAV beginning of period $ 50.03 $ 51.69 Per share NAV end of period $ 51.02 $ 50.16 Percentage change in per share NAV 2.0 % (3.0 )% Percentage change in benchmark (27.3 )% (19.7 )% Benchmark annualized volatility 79.8 % 82.9 % 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. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the 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. 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. 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. 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. 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. 28 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 5,430,710 $ 9,251,157 Management fee 2,130,449 2,616,334 Brokerage commission 458,281 688,357 Futures account fees 70,783 24,896 Net realized gain (loss) 28,980,200 47,773,242 Change in net unrealized appreciation (depreciation) 9,717,287 (13,008,316 ) Net Income (loss) $ 44,128,197 $ 44,016,083 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 The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 523,420,064 $ 652,793,437 NAV end of period $ 359,079,095 $ 593,222,255 Percentage change in NAV (31.4 )% (9.1 )% Shares outstanding beginning of period 19,043,096 24,843,096 Shares outstanding end of period 16,043,096 23,393,096 Percentage change in shares outstanding (15.8 )% (5.8 )% Shares created 19,150,000 25,300,000 Shares redeemed 22,150,000 26,750,000 Per share NAV beginning of period $ 27.49 $ 26.28 Per share NAV end of period $ 22.38 $ 25.36 Percentage change in per share NAV (18.6 )% (3.5 )% Percentage change in benchmark (7.9 )% (1.0 )% Benchmark annualized volatility 26.3 % 22.0 % 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 . 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. 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. 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 . 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. 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. 29 Table of Contents 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 6,293,153 $ 13,332,810 Management fee 2,836,491 4,088,647 Brokerage commission 155,007 169,844 Net realized gain (loss) 2,412,438 33,262,708 Change in net unrealized appreciation (depreciation) (48,807,879 ) (4,696,794 ) Net Income (loss) $ (40,102,288 ) $ 41,898,724 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 The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 396,081,499 $ 729,892,808 NAV end of period $ 542,210,220 $ 651,821,105 Percentage change in NAV 36.9 % (10.7 )% Shares outstanding beginning of period 7,223,047 5,113,709 Shares outstanding end of period 18,373,047 11,103,709 Percentage change in shares outstanding 154.4 % 117.1 % Shares created 46,650,000 23,240,000 Shares redeemed 35,500,000 17,250,000 Per share NAV beginning of period $ 54.84 $ 142.73 Per share NAV end of period $ 29.51 $ 58.70 Percentage change in per share NAV (46.2 )% (58.9 )% Percentage change in benchmark (16.4 )% (27.1 )% Benchmark annualized volatility 54.4 % 51.7 % 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. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . By comparison, during the 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 . 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. 30 Table of Contents 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. 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. 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 5,613,040 $ 13,384,747 Management fee 2,340,238 4,252,390 Brokerage commission 982,711 2,170,207 Futures account fees 166,011 188,737 Net realized gain (loss) 46,482,165 (402,539,202 ) Change in net unrealized appreciation (depreciation) (98,296,397 ) 63,603,384 Net Income (loss) $ (46,201,192 ) $ (325,551,071 ) 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. 31 Table of Contents ProShares Ultra Euro Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 5,751,156 $ 7,114,015 NAV end of period $ 7,272,104 $ 5,440,209 Percentage change in NAV 26.4 % (23.5 )% Shares outstanding beginning of period 550,000 600,000 Shares outstanding end of period 550,000 450,000 Percentage change in shares outstanding —  % (25.0 )% Shares created 200,000 100,000 Shares redeemed 200,000 250,000 Per share NAV beginning of period $ 10.46 $ 11.86 Per share NAV end of period $ 13.22 $ 12.09 Percentage change in per share NAV 26.4 % 2.0 % Percentage change in benchmark 13.3 % 0.8 % Benchmark annualized volatility 8.9 % 5.3 % 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. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025. 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. 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. dollar. 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. 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. 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. dollar during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 137,965 $ 168,360 Management fee 48,609 42,912 Net realized gain (loss) 997,841 107,862 Change in net unrealized appreciation (depreciation) 176,469 (260,299 ) Net Income (loss) $ 1,312,275 $ 15,923 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. dollar during the nine months ended September 30, 2025. 32 Table of Contents ProShares Ultra Gold* Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 289,709,332 $ 191,502,023 NAV end of period $ 809,280,918 $ 298,882,222 Percentage change in NAV 179.3 % 56.1 % Shares outstanding beginning of period 12,400,000 12,000,000 Shares outstanding end of period 17,700,000 12,400,000 Percentage change in shares outstanding 42.7 % 3.3 % Shares created 17,650,000 6,600,000 Shares redeemed 12,350,000 6,200,000 Per share NAV beginning of period $ 23.36 $ 15.96 Per share NAV end of period $ 45.72 $ 24.10 Percentage change in per share NAV 95.7 % 51.0 % Percentage change in benchmark 44.8 % 27.2 % Benchmark annualized volatility 18.8 % 14.3 % 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 . 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. 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 . 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. 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. 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. 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. 33 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 11,149,141 $ 6,509,622 Management fee 3,488,004 1,611,610 Brokerage commission 64,523 27,209 Net realized gain (loss) 183,281,121 62,084,821 Change in net unrealized appreciation (depreciation) 139,114,900 27,452,000 Net Income (loss) $ 333,545,162 $ 96,046,443 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. ProShares Ultra Silver Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 562,083,293 $ 390,146,373 NAV end of period $ 1,047,679,297 $ 666,782,470 Percentage change in NAV 86.4 % 70.9 % Shares outstanding beginning of period 16,746,526 14,296,526 Shares outstanding end of period 13,846,526 16,446,526 Percentage change in shares outstanding (17.3 )% 15.0 % Shares created 14,550,000 12,150,000 Shares redeemed 17,450,000 10,000,000 Per share NAV beginning of period $ 33.56 $ 27.29 Per share NAV end of period $ 75.66 $ 40.54 Percentage change in per share NAV 125.4 % 48.6 % Percentage change in benchmark 58.1 % 30.0 % Benchmark annualized volatility 27.2 % 31.4 % 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 . 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. 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 . 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. 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. 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. 34 Table of Contents 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 13,946,875 $ 13,696,814 Management fee 4,951,422 3,535,877 Brokerage commission 155,360 130,090 Net realized gain (loss) 292,493,503 87,203,275 Change in net unrealized appreciation (depreciation) 328,796,816 116,775,363 Net Income (loss) $ 635,237,194 $ 217,675,452 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. 35 Table of Contents ProShares Ultra VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 284,452,060 $ 348,555,743 NAV end of period $ 648,094,422 $ 285,351,963 Percentage change in NAV 127.8 % (18.1 )% Shares outstanding beginning of period 13,693,643 8,264,892 Shares outstanding end of period 62,093,643 11,443,643 Percentage change in shares outstanding 353.4 % 38.5 % Shares created 134,050,000 29,200,000 Shares redeemed 85,650,000 26,021,248 Per share NAV beginning of period $ 20.77 $ 42.17 Per share NAV end of period $ 10.44 $ 24.94 Percentage change in per share NAV (49.7 )% (40.8 )% Percentage change in benchmark (27.3 )% (19.7 )% Benchmark annualized volatility 79.8 % 82.9 % 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. 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. 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. 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. 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. 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 4,626,906 $ 4,102,676 Management fee 3,378,880 1,804,611 Brokerage commission 2,534,657 1,475,584 Futures account fees 444,189 212,988 Net realized gain (loss) (254,268,120 ) (185,017,536 ) Change in net unrealized appreciation (depreciation) (50,072,615 ) 39,549,802 Net Income (loss) $ (299,713,829 ) $ (141,365,058 ) 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. 36 Table of Contents ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 44,505,646 $ 30,205,770 NAV end of period $ 53,309,336 $ 53,234,065 Percentage change in NAV 19.8 % 76.2 % Shares outstanding beginning of period 2,199,970 1,099,970 Shares outstanding end of period 2,449,970 2,149,970 Percentage change in shares outstanding 11.4 % 95.5 % Shares created 1,250,000 1,850,000 Shares redeemed 1,000,000 800,000 Per share NAV beginning of period $ 20.23 $ 27.46 Per share NAV end of period $ 21.76 $ 24.76 Percentage change in per share NAV 7.6 % (9.8 )% Percentage change in benchmark 6.4 % (1.9 )% Benchmark annualized volatility 10.6 % 10.4 % 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. 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. dollar. 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. dollar. 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. 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. 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. dollar during the period ended September 30, 2025. 37 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 1,220,048 $ 1,099,697 Management fee 430,261 295,486 Net realized gain (loss) (201,447 ) (562,689 ) Change in net unrealized appreciation (depreciation) 3,529,664 (1,803,229 ) Net Income (loss) $ 4,548,265 $ (1,266,221 ) 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. dollar during the nine months ended September 30, 2025. ProShares UltraShort Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 121,997,334 $ 188,963,592 NAV end of period $ 121,702,439 $ 96,729,953 Percentage change in NAV (0.2 )% (48.8 )% Shares outstanding beginning of period 7,205,220 9,105,220 Shares outstanding end of period 6,955,220 4,955,220 Percentage change in shares outstanding (3.5 )% (45.6 )% Shares created 25,450,000 14,900,000 Shares redeemed 25,700,000 19,050,000 Per share NAV beginning of period $ 16.93 $ 20.75 Per share NAV end of period $ 17.50 $ 19.52 Percentage change in per share NAV 3.4 % (5.9 )% Percentage change in benchmark (7.9 )% (1.0 )% Benchmark annualized volatility 26.3 % 22.0 % 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. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . By comparison, during the 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. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . For the 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. 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. 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. 38 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 3,113,410 $ 4,993,915 Management fee 1,090,747 1,255,680 Brokerage commission 169,510 149,398 Net realized gain (loss) 45,774,758 (323,060 ) Change in net unrealized appreciation (depreciation) 13,783,712 (7,534,360 ) Net Income (loss) $ 62,671,880 $ (2,863,505 ) 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 The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 260,940,143 $ 140,963,092 NAV end of period $ 158,537,958 $ 132,693,025 Percentage change in NAV (39.2 )% (5.9 )% Shares outstanding beginning of period 5,983,712 2,933,712 Shares outstanding end of period 4,483,712 2,433,712 Percentage change in shares outstanding (25.1 )% (17.0 )% Shares created 71,800,000 16,700,000 Shares redeemed 73,300,000 17,200,000 Per share NAV beginning of period $ 43.61 $ 48.05 Per share NAV end of period $ 35.36 $ 54.52 Percentage change in per share NAV (18.9 )% 13.5 % Percentage change in benchmark (16.4 )% (27.1 )% Benchmark annualized volatility 54.4 % 51.7 % 39 Table of Contents 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. 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 . 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. 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 . 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. 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. 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 6,470,289 $ 2,521,302 Management fee 2,536,994 797,283 Brokerage commission 1,197,519 722,643 Futures account fees 84,863 33,910 Net realized gain (loss) 19,531,219 90,093,336 Change in net unrealized appreciation (depreciation) 39,267,521 (11,387,262 ) Net Income (loss) $ 65,269,029 $ 81,227,376 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. 40 Table of Contents ProShares UltraShort Euro Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 41,892,674 $ 39,367,550 NAV end of period $ 33,625,132 $ 32,912,508 Percentage change in NAV (19.7 )% (16.4 )% Shares outstanding beginning of period 1,200,000 1,350,000 Shares outstanding end of period 1,200,000 1,100,000 Percentage change in shares outstanding —  % (18.5 )% Shares created 550,000 50,000 Shares redeemed 550,000 300,000 Per share NAV beginning of period $ 34.91 $ 29.16 Per share NAV end of period $ 28.02 $ 29.92 Percentage change in per share NAV (19.7 )% 2.6 % Percentage change in benchmark 13.3 % 0.8 % Benchmark annualized volatility 8.9 % 5.3 % 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. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025. 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. dollar. 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. 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. 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. dollar during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 711,682 $ 1,017,487 Management fee 250,845 270,996 Net realized gain (loss) (6,979,710 ) (1,356,314 ) Change in net unrealized appreciation (depreciation) (1,233,889 ) 1,521,143 Net Income (loss) $ (7,501,917 ) $ 1,182,316 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. dollar during the nine months ended September 30, 2025. 41 Table of Contents ProShares UltraShort Gold* Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 16,624,428 $ 11,795,779 NAV end of period $ 63,190,713 $ 18,058,490 Percentage change in NAV 280.1 % 53.1 % Shares outstanding beginning of period 473,489 223,489 Shares outstanding end of period 3,773,421 523,489 Percentage change in shares outstanding 696.9 % 134.2 % Shares created 16,350,000 625,000 Shares redeemed 13,050,068 325,000 Per share NAV beginning of period $ 35.11 $ 52.78 Per share NAV end of period $ 16.75 $ 34.50 Percentage change in per share NAV (52.3 )% (34.6 )% Percentage change in benchmark 44.8 % 27.2 % Benchmark annualized volatility 18.8 % 14.2 % 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 . 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. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM . For the 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. 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. 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 1,042,530 $ 359,801 Management fee 411,660 105,887 Brokerage commission 14,541 3,138 Net realized gain (loss) (6,736,886 ) (5,323,806 ) Change in net unrealized appreciation (depreciation) (6,443,295 ) (843,136 ) Net Income (loss) $ (12,137,651 ) $ (5,807,141 ) 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. 42 Table of Contents ProShares UltraShort Silver Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 23,752,619 $ 65,149,686 NAV end of period $ 30,352,080 $ 32,222,722 Percentage change in NAV 27.8 % (50.5 )% Shares outstanding beginning of period 560,264 897,832 Shares outstanding end of period 1,960,264 847,832 Percentage change in shares outstanding 249.9 % (5.6 )% Shares created 4,750,000 2,937,500 Shares redeemed 3,350,000 2,987,500 Per share NAV beginning of period $ 42.40 $ 72.56 Per share NAV end of period $ 15.48 $ 38.01 Percentage change in per share NAV (63.5 )% (47.6 )% Percentage change in benchmark 58.1 % 30.0 % Benchmark annualized volatility 27.2 % 31.4 % 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 . 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 . 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. 43 Table of Contents 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. 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. 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 392,152 $ 1,235,932 Management fee 202,348 380,119 Brokerage commission 13,179 34,808 Net realized gain (loss) (13,283,190 ) (4,296,391 ) Change in net unrealized appreciation (depreciation) (8,834,171 ) (6,036,529 ) Net Income (loss) $ (21,725,209 ) $ (9,096,988 ) 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 The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 26,080,295 $ 24,010,010 NAV end of period $ 28,808,714 $ 34,904,924 Percentage change in NAV 10.5 % 45.4 % Shares outstanding beginning of period 547,160 697,160 Shares outstanding end of period 647,160 897,160 Percentage change in shares outstanding 18.3 % 28.7 % Shares created 750,000 900,000 Shares redeemed 650,000 700,000 Per share NAV beginning of period $ 47.66 $ 34.44 Per share NAV end of period $ 44.52 $ 38.91 Percentage change in per share NAV (6.6 )% 13.0 % Percentage change in benchmark 6.4 % (1.9 )% Benchmark annualized volatility 10.6 % 10.4 % 44 Table of Contents 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. 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. dollar. 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. dollar. 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. 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. 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. dollar during the period ended September 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 497,676 $ 964,632 Management fee 172,164 256,361 Net realized gain (loss) (452,801 ) 1,112,710 Change in net unrealized appreciation (depreciation) (1,899,238 ) 1,101,721 Net Income (loss) $ (1,854,363 ) $ 3,179,063 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. dollar during the nine months ended September 30, 2025. 45 Table of Contents ProShares VIX Mid-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 28,111,210 $ 37,866,143 NAV end of period $ 44,522,647 $ 38,983,834 Percentage change in NAV 58.4 % 3.0 % Shares outstanding beginning of period 1,937,403 2,262,403 Shares outstanding end of period 2,812,403 2,587,403 Percentage change in shares outstanding 45.2 % 14.4 % Shares created 2,925,000 9,450,000 Shares redeemed 2,050,000 9,125,000 Per share NAV beginning of period $ 14.51 $ 16.74 Per share NAV end of period $ 15.83 $ 15.07 Percentage change in per share NAV 9.1 % (10.0 )% Percentage change in benchmark 10.4 % (8.8 )% Benchmark annualized volatility 34.9 % 32.2 % 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. 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. 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. 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. 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. 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. 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 593,847 $ 1,521,740 Management fee 188,230 354,943 Brokerage commission 28,555 94,413 Futures account fees 9,723 21,146 Net realized gain (loss) 4,085,004 (12,340,680 ) Change in net unrealized appreciation (depreciation) (1,583,444 ) 4,340,208 Net Income (loss) $ 3,095,407 $ (6,478,732 ) 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. 46 Table of Contents ProShares VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 NAV beginning of period $ 133,641,615 $ 157,321,746 NAV end of period $ 329,584,482 $ 163,397,433 Percentage change in NAV 146.6 % 3.9 % Shares outstanding beginning of period 2,966,252 2,537,737 Shares outstanding end of period 10,241,252 3,337,737 Percentage change in shares outstanding 245.3 % 31.5 % Shares created 14,225,000 4,512,500 Shares redeemed 6,950,000 3,712,500 Per share NAV beginning of period $ 45.05 $ 61.99 Per share NAV end of period $ 32.18 $ 48.95 Percentage change in per share NAV (28.6 )% (21.0 )% Percentage change in benchmark (27.3 )% (19.7 )% Benchmark annualized volatility 79.8 % 82.9 % 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. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the 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. 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. 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. 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. 47 Table of Contents 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 The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net investment income (loss) $ 3,468,893 $ 3,707,955 Management fee 1,280,780 945,176 Brokerage commission 448,329 189,358 Futures account fees 150,648 89,976 Net realized gain (loss) (33,146,619 ) (11,800,514 ) Change in net unrealized appreciation (depreciation) (16,054,285 ) 12,170,504 Net Income (loss) $ (45,732,011 ) $ 4,077,945 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. 48 Table of Contents