ProShares Trust II 10-Q

10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2026 . or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from      to      . Commission file number: 001-34200 PROSHARES TRUST II (Exact name of registrant as specified in its charter) Delaware 87-6284802 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) c/o ProShare Capital Management LLC 7272 Wisconsin Avenue , 21 st Floor Bethesda , Maryland 20814 (Address of principal executive offices) (Zip Code) ( 240 ) 497-6400 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered ProShares Short VIX Short-Term Futures ETF SVXY Cboe BZX Exchange ProShares Ultra Bloomberg Crude Oil UCO NYSE Arca ProShares Ultra Bloomberg Natural Gas BOIL NYSE Arca ProShares Ultra Euro ULE NYSE Arca ProShares Ultra Gold UGL NYSE Arca ProShares Ultra Silver AGQ NYSE Arca ProShares Ultra VIX Short-Term Futures ETF UVXY Cboe BZX Exchange ProShares Ultra Yen YCL NYSE Arca ProShares UltraShort Bloomberg Crude Oil SCO NYSE Arca ProShares UltraShort Bloomberg Natural Gas KOLD NYSE Arca ProShares UltraShort Euro EUO NYSE Arca ProShares UltraShort Gold GLL NYSE Arca ProShares UltraShort Silver ZSL NYSE Arca ProShares UltraShort Yen YCS NYSE Arca ProShares VIX Mid-Term Futures ETF VIXM Cboe BZX Exchange ProShares VIX Short-Term Futures ETF VIXY Cboe BZX Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒  Yes  ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒  Yes  ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes  ☒  No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒ Yes ☐ No As of May 7, 2026, the registrant had 294,965,796 shares of common stock, $0 par value per share, outstanding. Table of Contents PROSHARES TRUST II Table of Contents Page Part I. FINANCIAL INFORMATION Item  1. Financial Statements (unaudited). Item  2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 1 Item  3. Quantitative and Qualitative Disclosures About Market Risk. 29 Item  4. Controls and Procedures. 43 Part II. OTHER INFORMATION Item  1. Legal Proceedings. 45 Item  1A. Risk Factors. 45 Item  2. Unregistered Sales of Equity Securities and Use of Proceeds. 45 Item  3. Defaults Upon Senior Securities. 48 Item  4. Mine Safety Disclosures. 48 Item  5. Other Information. 48 Item  6. Exhibits. 49 Table of Contents Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index Documents Page Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows: ProShares Short VIX Short-Term Futures ETF F-2 ProShares Ultra Bloomberg Crude Oil F-7 ProShares Ultra Bloomberg Natural Gas F-12 ProShares Ultra Euro F-17 ProShares Ultra Gold F-22 ProShares Ultra Silver F-27 ProShares Ultra VIX Short-Term Futures ETF F-32 ProShares Ultra Yen F-37 ProShares UltraShort Bloomberg Crude Oil F-42 ProShares UltraShort Bloomberg Natural Gas F-47 ProShares UltraShort Euro F-52 ProShares UltraShort Gold F-57 ProShares UltraShort Silver F-62 ProShares UltraShort Yen F-67 ProShares VIX Mid-Term Futures ETF F-72 ProShares VIX Short-Term Futures ETF F-77 ProShares Trust II F-82 Notes to Financial Statements F-86 F-1 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 34,940,141 and $ 59,898,070 , respectively) $ 34,940,093 $ 59,907,798 Affiliated investments (cost $ 60,024,000 and $ – , respectively) 60,042,000 —   Cash 29,866,506 87,603,058 Segregated cash balances with brokers for futures contracts 57,509,556 93,632,448 Receivable on open futures contracts 6,541,539 1,909,294 Receivable for dividends from affiliates 41,002 —   Interest receivable 175,081 340,241 Total assets 189,115,777 243,392,839 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 5,002,982 851,049 Brokerage commissions and futures account fees payable 4,372 6,400 Payable to Sponsor 139,200 184,353 Total liabilities 5,146,554 1,041,802 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 183,969,223 242,351,037 Total liabilities and shareholders’ equity $ 189,115,777 $ 243,392,839 Shares outstanding 4,018,614 4,368,614 Net asset value per share $ 45.78 $ 55.48 Market value per share (Note 2) $ 45.80 $ 55.38 See accompanying notes to financial statements. F-2 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 19 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 $ 20,000,000 $ 19,983,956 3.721 % due 04/30/26 15,000,000 14,956,137 Total short-term U.S. government and agency obligations (cost $ 34,940,141 ) $ 34,940,093 Shares Affiliated Investments Exchange Traded Fund ( 33 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 60,024,000 ) 600,000 60,042,000 Total Investments in Securities (cost $ 94,964,141 ) $ 94,982,093 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires April 2026 1,763 $ 44,114,491 $ ( 3,180,824 ) VIX Futures - Cboe, expires May 2026 1,955 47,725,460 ( 119,851 ) $ ( 3,300,675 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-3 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 1,222,045 $ 2,155,917 Dividends from affiliates (Note 5) 207,569 —   Total income 1,429,614 2,155,917 Expenses Management fee 489,767 555,389 Brokerage commissions 99,968 127,212 Futures accounts fees 13,858 25,697 Total expenses 603,593 708,298 Net investment income (loss) 826,021 1,447,619 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 18,705,613 ) ( 17,636,853 ) Affiliated investments 5,000 —   Payment from affiliate (Note 5) 10,202 —   Net realized gain (loss) ( 18,690,411 ) ( 17,636,853 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 19,000,272 ) ( 235,275 ) Short-term U.S. government and agency obligations ( 9,776 ) ( 7,663 ) Affiliated investments 18,000 —   Change in net unrealized appreciation (depreciation) ( 18,992,048 ) ( 242,938 ) Net realized and unrealized gain (loss) ( 37,682,459 ) ( 17,879,791 ) Net income (loss) $ ( 36,856,438 ) $ ( 16,432,172 ) See accompanying notes to financial statements. F-4 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 242,351,037 $ 266,090,233 Addition of 500,000 and 2,250,000 shares, respectively 23,792,592 106,382,989 Redemption of 850,000 and 2,500,000 shares, respectively ( 45,317,968 ) ( 123,933,194 ) Net addition (redemption) of ( 350,000 ) and ( 250,000 ) shares, respectively ( 21,525,376 ) ( 17,550,205 ) Net investment income (loss) 826,021 1,447,619 Net realized gain (loss) ( 18,690,411 ) ( 17,636,853 ) Change in net unrealized appreciation (depreciation) ( 18,992,048 ) ( 242,938 ) Net income (loss) ( 36,856,438 ) ( 16,432,172 ) Shareholders’ equity, end of period $ 183,969,223 $ 232,107,856 See accompanying notes to financial statements. F-5 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 36,856,438 ) $ ( 16,432,172 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 109,585,263 ) ( 253,581,889 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 135,000,000 190,000,000 Cost of affiliated investments purchased ( 70,028,000 ) —   Proceeds from affiliated investments sold 10,009,000 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 456,808 ) ( 870,531 ) Net realized (gain) loss on investments ( 5,000 ) —   Change in unrealized (appreciation) depreciation on investments ( 8,224 ) 7,663 Decrease (Increase) in receivable on open futures contracts ( 4,632,245 ) ( 500,216 ) Decrease (Increase) in receivable for dividends from affiliates ( 41,002 ) —   Decrease (Increase) in interest receivable 165,160 ( 30,416 ) Increase (Decrease) in payable to Sponsor ( 45,153 ) ( 24,674 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 2,028 ) ( 469 ) Increase (Decrease) in payable on open futures contracts 4,151,933 ( 1,011,830 ) Net cash provided by (used in) operating activities ( 72,334,068 ) ( 82,444,534 ) Cash flow from financing activities Proceeds from addition of shares 23,792,592 106,382,989 Payment on shares redeemed ( 45,317,968 ) ( 123,933,194 ) Net cash provided by (used in) financing activities ( 21,525,376 ) ( 17,550,205 ) Net increase (decrease) in cash ( 93,859,444 ) ( 99,994,739 ) Cash, beginning of period 181,235,506 241,154,040 Cash, end of period $ 87,376,062 $ 141,159,301 See accompanying notes to financial statements. F-6 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 209,066,935 and $ 149,544,793 , respectively) $ 209,070,202 $ 149,575,489 Affiliated investments (cost $ 230,177,660 and $ – , respectively) 230,138,000 —   Cash 65,991,509 101,024,953 Segregated cash balances with brokers for futures contracts 78,549,707 38,125,720 Segregated cash balances with brokers for swap agreements —   109,128,769 Unrealized appreciation on swap agreements 45,264,234 —   Receivable on open futures contracts 16,472,364 602,246 Receivable for dividends from affiliates 170,842 —   Interest receivable 335,867 368,065 Total assets 645,992,725 398,825,242 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 19,394,977 2,895,283 Payable on open futures contracts 16,026,937 1,426,673 Payable to Sponsor 483,652 314,178 Unrealized depreciation on swap agreements 7,188,612 11,151,121 Total liabilities 43,094,178 15,787,255 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 602,898,547 383,037,987 Total liabilities and shareholders’ equity $ 645,992,725 $ 398,825,242 Shares outstanding 15,543,096 19,843,096 Net asset value per share $ 38.79 $ 19.30 Market value per share (Note 2) $ 39.30 $ 19.32 See accompanying notes to financial statements. F-7 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 35 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 † $ 20,000,000 $ 19,983,956 3.806 % due 04/16/26 † 50,000,000 49,924,165 3.806 % due 05/05/26 † 50,000,000 49,829,055 3.832 % due 05/07/26 † 20,000,000 19,927,200 3.698 % due 06/25/26 † 70,000,000 69,405,826 Total short-term U.S. government and agency obligations (cost $ 209,066,935 ) $ 209,070,202 Shares Affiliated Investments Exchange Traded Fund ( 38 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 230,177,660 ) 2,300,000 230,138,000 Total Investments in Securities (cost $ 439,244,595 ) $ 439,208,202 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires June 2026 1,824 $ 169,923,840 $ 45,444,474 WTI Crude Oil - NYMEX, expires December 2026 1,920 139,142,400 15,743,198 WTI Crude Oil - Need Exch, expires June 2027 2,013 140,285,970 9,778,548 $ 70,966,220 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 % 04/06/26 $ 67,778,389 $ ( 3,756,664 ) Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 04/06/26 294,117,187 21,935,669 Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 04/06/26 89,348,858 6,663,762 Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.25 04/06/26 223,254,814 16,664,803 Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.30 04/06/26 81,724,115 ( 3,431,948 ) $ 38,075,622 Total Unrealized Appreciation $ 45,264,234 Total Unrealized Depreciation $ ( 7,188,612 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-8 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 1,918,502 $ 3,505,104 Dividends from affiliates (Note 5) 688,820 —   Total income 2,607,322 3,505,104 Expenses Management fee 1,118,708 964,913 Brokerage commissions 110,199 46,568 Total expenses 1,228,907 1,011,481 Net investment income (loss) 1,378,415 2,493,623 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 40,149,665 11,158,728 Swap agreements 182,842,525 4,358,133 Affiliated investments ( 16,800 ) —   Payment from affiliate (Note 5) 29,086 —   Net realized gain (loss) 223,004,476 15,516,861 Change in net unrealized appreciation (depreciation) on Futures contracts 74,655,327 1,014,203 Swap agreements 49,226,743 ( 1,449,698 ) Short-term U.S. government and agency obligations ( 27,429 ) ( 28,855 ) Affiliated investments ( 39,660 ) —   Change in net unrealized appreciation (depreciation) 123,814,981 ( 464,350 ) Net realized and unrealized gain (loss) 346,819,457 15,052,511 Net income (loss) $ 348,197,872 $ 17,546,134 See accompanying notes to financial statements. F-9 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 383,037,987 $ 523,420,064 Addition of 15,350,000 and 5,700,000 shares, respectively 519,928,114 145,515,138 Redemption of 19,650,000 and 8,800,000 shares, respectively ( 648,265,426 ) ( 254,017,509 ) Net addition (redemption) of ( 4,300,000 ) and ( 3,100,000 ) shares, respectively ( 128,337,312 ) ( 108,502,371 ) Net investment income (loss) 1,378,415 2,493,623 Net realized gain (loss) 223,004,476 15,516,861 Change in net unrealized appreciation (depreciation) 123,814,981 ( 464,350 ) Net income (loss) 348,197,872 17,546,134 Shareholders’ equity, end of period $ 602,898,547 $ 432,463,827 See accompanying notes to financial statements. F-10 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 348,197,872 $ 17,546,134 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 258,572,840 ) ( 522,138,550 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 200,000,000 435,000,000 Cost of affiliated investments purchased ( 250,204,460 ) —   Proceeds from affiliated investments sold 20,010,000 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 949,302 ) ( 2,005,913 ) Net realized (gain) loss on investments 16,800 —   Change in unrealized (appreciation) depreciation on investments ( 49,159,654 ) 1,478,553 Decrease (Increase) in receivable on open futures contracts ( 15,870,118 ) ( 2,822,327 ) Decrease (Increase) in receivable for dividends from affiliates ( 170,842 ) —   Decrease (Increase) in interest receivable 32,198 172,688 Increase (Decrease) in payable to Sponsor 169,474 ( 100,900 ) Increase (Decrease) in payable on open futures contracts 14,600,264 ( 70,422 ) Net cash provided by (used in) operating activities 8,099,392 ( 72,940,737 ) Cash flow from financing activities Proceeds from addition of shares 519,928,114 145,515,138 Payment on shares redeemed ( 631,765,732 ) ( 251,340,864 ) Net cash provided by (used in) financing activities ( 111,837,618 ) ( 105,825,726 ) Net increase (decrease) in cash ( 103,738,226 ) ( 178,766,463 ) Cash, beginning of period 248,279,442 385,855,334 Cash, end of period $ 144,541,216 $ 207,088,871 See accompanying notes to financial statements. F-11 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 79,900,229 and $ 234,217,281 , respectively) $ 79,900,099 $ 234,273,034 Affiliated investments (cost $ 140,103,500 and $ – , respectively) 140,084,000 —   Cash 12,277,896 141,320,716 Segregated cash balances with brokers for futures contracts 158,971,864 199,013,298 Receivable from capital shares sold 801,426 28,186,350 Receivable on open futures contracts 8,629,404 —   Receivable for dividends from affiliates 95,672 —   Interest receivable 441,234 581,253 Total assets 401,201,595 603,374,651 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 21,638,513 —   Payable on open futures contracts 583,704 67,963,288 Brokerage commissions and futures account fees payable 14,762 14,860 Payable to Sponsor 335,922 417,836 Total liabilities 22,572,901 68,395,984 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 378,628,694 534,978,667 Total liabilities and shareholders’ equity $ 401,201,595 $ 603,374,651 Shares outstanding 23,623,047 23,723,047 Net asset value per share $ 16.03 $ 22.55 Market value per share (Note 2) $ 16.12 $ 22.90 See accompanying notes to financial statements. F-12 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 21 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 $ 30,000,000 $ 29,975,934 3.806 % due 04/16/26 50,000,000 49,924,165 Total short-term U.S. government and agency obligations (cost $ 79,900,229 ) $ 79,900,099 Shares Affiliated Investments Exchange Traded Fund ( 37 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 140,103,500 ) 1,400,000 140,084,000 Total Investments in Securities (cost $ 220,003,729 ) $ 219,984,099 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Natural Gas - NYMEX, expires May 2026 26,254 $ 757,165,360 $ ( 26,247,510 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-13 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 2,773,682 $ 2,901,053 Dividends from affiliates (Note 5) 433,333 —   Total income 3,207,015 2,901,053 Expenses Management fee 1,043,751 703,053 Brokerage commissions 412,561 282,155 Futures accounts fees 47,215 98,538 Total expenses 1,503,527 1,083,746 Net investment income (loss) 1,703,488 1,817,307 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 72,377,815 222,605,228 Short-term U.S. government and agency obligations 9,528 —   Payment from affiliate (Note 5) 18,760 —   Net realized gain (loss) 72,406,103 222,605,228 Change in net unrealized appreciation (depreciation) on Futures contracts 105,849,362 ( 42,112,222 ) Short-term U.S. government and agency obligations ( 55,883 ) ( 26,671 ) Affiliated investments ( 19,500 ) —   Change in net unrealized appreciation (depreciation) 105,773,979 ( 42,138,893 ) Net realized and unrealized gain (loss) 178,180,082 180,466,335 Net income (loss) $ 179,883,570 $ 182,283,642 See accompanying notes to financial statements. F-14 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 534,978,667 $ 396,081,499 Addition of 53,500,000 and 5,300,000 shares, respectively 942,689,519 339,318,516 Redemption of 53,600,000 and 9,800,000 shares, respectively ( 1,278,923,062 ) ( 685,446,154 ) Net addition (redemption) of ( 100,000 ) and ( 4,500,000 ) shares, respectively ( 336,233,543 ) ( 346,127,638 ) Net investment income (loss) 1,703,488 1,817,307 Net realized gain (loss) 72,406,103 222,605,228 Change in net unrealized appreciation (depreciation) 105,773,979 ( 42,138,893 ) Net income (loss) 179,883,570 182,283,642 Shareholders’ equity, end of period $ 378,628,694 $ 232,237,503 See accompanying notes to financial statements. F-15 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 179,883,570 $ 182,283,642 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 174,300,461 ) ( 343,123,466 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 329,617,287 345,000,000 Cost of affiliated investments purchased ( 140,103,500 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 990,246 ) ( 1,347,138 ) Net realized (gain) loss on investments ( 9,528 ) —   Change in unrealized (appreciation) depreciation on investments 75,383 26,671 Decrease (Increase) in receivable on open futures contracts ( 8,629,404 ) ( 4,539,416 ) Decrease (Increase) in receivable for dividends from affiliates ( 95,672 ) —   Decrease (Increase) in interest receivable 140,019 347,353 Increase (Decrease) in payable to Sponsor ( 81,914 ) ( 202,663 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 98 ) ( 10,861 ) Increase (Decrease) in payable on open futures contracts ( 67,379,584 ) ( 36,494,088 ) Net cash provided by (used in) operating activities 118,125,852 141,940,034 Cash flow from financing activities Proceeds from addition of shares 970,074,443 346,020,820 Payment on shares redeemed ( 1,257,284,549 ) ( 685,446,154 ) Net cash provided by (used in) financing activities ( 287,210,106 ) ( 339,425,334 ) Net increase (decrease) in cash ( 169,084,254 ) ( 197,485,300 ) Cash, beginning of period 340,334,014 323,011,189 Cash, end of period $ 171,249,760 $ 125,525,889 See accompanying notes to financial statements. F-16 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Cash $ 5,657,264 $ 5,185,710 Segregated cash balances with brokers for foreign currency forward contracts 726,667 666,667 Unrealized appreciation on foreign currency forward contracts —   62,719 Interest receivable 16,618 15,545 Total assets 6,400,549 5,930,641 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 5,136 4,756 Unrealized depreciation on foreign currency forward contracts 47,848 29 Total liabilities 52,984 4,785 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 6,347,565 5,925,856 Total liabilities and shareholders’ equity $ 6,400,549 $ 5,930,641 Shares outstanding 500,000 450,000 Net asset value per share $ 12.70 $ 13.17 Market value per share (Note 2) $ 12.72 $ 13.16 See accompanying notes to financial statements. F-17 Table of Contents PROSHARES ULTRA EURO SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 04/10/26 5,925,921 $ 6,852,958 $ ( 22,414 ) Euro with UBS AG 04/10/26 5,397,502 6,241,874 ( 23,111 ) Total Unrealized Depreciation $ ( 45,525 ) Contracts to Sell Euro with Goldman Sachs International 04/10/26 ( 231,000 ) $ ( 267,137 ) $ ( 1,454 ) Euro with UBS AG 04/10/26 ( 120,000 ) ( 138,772 ) ( 869 ) Total Unrealized Depreciation $ ( 2,323 ) ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. See accompanying notes to financial statements. F-18 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 46,841 $ 45,472 Total income 46,841 45,472 Expenses Management fee 14,809 11,812 Total expenses 14,809 11,812 Net investment income (loss) 32,032 33,660 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 179,642 ) 160,517 Net realized gain (loss) ( 179,642 ) 160,517 Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 110,538 ) 194,877 Change in net unrealized appreciation (depreciation) ( 110,538 ) 194,877 Net realized and unrealized gain (loss) ( 290,180 ) 355,394 Net income (loss) $ ( 258,148 ) $ 389,054 See accompanying notes to financial statements. F-19 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 5,925,856 $ 5,751,156 Addition of 50,000 and – shares, respectively 679,857 —   Redemption of – and 100,000 shares, respectively —   ( 1,028,737 ) Net addition (redemption) of 50,000 and ( 100,000 ) shares, respectively 679,857 ( 1,028,737 ) Net investment income (loss) 32,032 33,660 Net realized gain (loss) ( 179,642 ) 160,517 Change in net unrealized appreciation (depreciation) ( 110,538 ) 194,877 Net income (loss) ( 258,148 ) 389,054 Shareholders’ equity, end of period $ 6,347,565 $ 5,111,473 See accompanying notes to financial statements. F-20 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 258,148 ) $ 389,054 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments 110,538 ( 194,877 ) Decrease (Increase) in interest receivable ( 1,073 ) 4,009 Increase (Decrease) in payable to Sponsor 380 ( 633 ) Net cash provided by (used in) operating activities ( 148,303 ) 197,553 Cash flow from financing activities Proceeds from addition of shares 679,857 —   Payment on shares redeemed —   ( 1,028,737 ) Net cash provided by (used in) financing activities 679,857 ( 1,028,737 ) Net increase (decrease) in cash 531,554 ( 831,184 ) Cash, beginning of period 5,852,377 5,903,547 Cash, end of period $ 6,383,931 $ 5,072,363 See accompanying notes to financial statements. F-21 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 439,384,498 and $ 548,601,553 , respectively) $ 439,383,527 $ 548,706,159 Affiliated investments (cost $ 340,136,000 and $ – , respectively) 340,238,000 —   Cash 159,143,584 379,927,481 Segregated cash balances with brokers for futures contracts 95,342,255 59,232,000 Segregated cash balances with brokers for swap agreements —   18,097,800 Unrealized appreciation on swap agreements 20,532,095 28,676,455 Receivable on open futures contracts 20,441,430 —   Receivable for dividends from affiliates 232,346 —   Interest receivable 761,821 662,431 Total assets 1,076,075,058 1,035,302,326 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 9,085,032 5,589,989 Payable on open futures contracts —   14,210,474 Payable to Sponsor 921,012 814,922 Unrealized depreciation on swap agreements 12,205,793 —   Total liabilities 22,211,837 20,615,385 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 1,053,863,221 1,014,686,941 Total liabilities and shareholders’ equity $ 1,076,075,058 $ 1,035,302,326 Shares outstanding 17,400,000 18,150,000 Net asset value per share $ 60.57 $ 55.91 Market value per share (Note 2) $ 61.46 $ 55.52 See accompanying notes to financial statements. F-22 Table of Contents PROSHARES ULTRA GOLD SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 42 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 $ 150,000,000 $ 149,879,670 3.806 % due 04/16/26 † 250,000,000 249,620,825 3.721 % due 04/30/26 † 40,000,000 39,883,032 Total short-term U.S. government and agency obligations (cost $ 439,384,498 ) $ 439,383,527 Shares Affiliated Investments Exchange Traded Fund ( 32 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 340,136,000 ) 3,400,000 340,238,000 Total Investments in Securities (cost $ 779,520,498 ) $ 779,621,527 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures - COMEX, expires June 2026 2,226 $ 1,041,456,360 $ ( 77,975,258 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 04/06/26 $ 599,822,238 $ 8,801,555 Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.25 04/06/26 109,842,924 ( 12,205,793 ) Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 04/06/26 355,972,374 11,730,540 $ 8,326,302 Total Unrealized Appreciation $ 20,532,095 Total Unrealized Depreciation $ ( 12,205,793 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-23 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 8,089,763 $ 3,738,547 Dividends from affiliates (Note 5) 1,432,237 —   Total income 9,522,000 3,738,547 Expenses Management fee 2,929,923 863,544 Brokerage commissions 54,156 19,344 Total expenses 2,984,079 882,888 Net investment income (loss) 6,537,921 2,855,659 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 144,972,749 29,332,072 Swap agreements 83,721,741 29,096,514 Affiliated investments 86,550 —   Payment from affiliate (Note 5) 71,622 —   Net realized gain (loss) 228,852,662 58,428,586 Change in net unrealized appreciation (depreciation) on Futures contracts ( 115,273,537 ) 30,133,001 Swap agreements ( 20,350,153 ) 25,913,603 Short-term U.S. government and agency obligations ( 105,577 ) ( 21,886 ) Affiliated investments 102,000 —   Change in net unrealized appreciation (depreciation) ( 135,627,267 ) 56,024,718 Net realized and unrealized gain (loss) 93,225,395 114,453,304 Net income (loss) $ 99,763,316 $ 117,308,963 See accompanying notes to financial statements. F-24 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 1,014,686,941 $ 289,709,332 Addition of 6,150,000 and 3,400,000 shares, respectively (Note 1) 404,597,108 96,700,763 Redemption of 6,900,000 and 800,000 shares, respectively (Note 1) ( 465,184,144 ) ( 23,099,633 ) Net addition (redemption) of ( 750,000 ) and 2,600,000 shares, respectively (Note 1) ( 60,587,036 ) 73,601,130 Net investment income (loss) 6,537,921 2,855,659 Net realized gain (loss) 228,852,662 58,428,586 Change in net unrealized appreciation (depreciation) ( 135,627,267 ) 56,024,718 Net income (loss) 99,763,316 117,308,963 Shareholders’ equity, end of period $ 1,053,863,221 $ 480,619,425 See accompanying notes to financial statements. F-25 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 99,763,316 $ 117,308,963 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 986,620,839 ) ( 616,446,985 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 1,100,000,000 445,000,000 Cost of affiliated investments purchased ( 520,242,150 ) —   Proceeds from affiliated investments sold 180,192,700 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 4,162,106 ) ( 2,159,417 ) Net realized (gain) loss on investments ( 86,550 ) —   Change in unrealized (appreciation) depreciation on investments 20,353,730 ( 25,891,717 ) Decrease (Increase) in receivable on open futures contracts ( 20,441,430 ) ( 4,083,959 ) Decrease (Increase) in receivable for dividends from affiliates ( 232,346 ) —   Decrease (Increase) in interest receivable ( 99,390 ) ( 233,766 ) Increase (Decrease) in payable to Sponsor 106,090 94,477 Increase (Decrease) in payable on open futures contracts ( 14,210,474 ) —   Net cash provided by (used in) operating activities ( 145,679,449 ) ( 86,412,404 ) Cash flow from financing activities Proceeds from addition of shares 404,597,108 96,700,763 Payment on shares redeemed ( 461,689,101 ) ( 23,099,633 ) Net cash provided by (used in) financing activities ( 57,091,993 ) 73,601,130 Net increase (decrease) in cash ( 202,771,442 ) ( 12,811,274 ) Cash, beginning of period 457,257,281 215,158,372 Cash, end of period $ 254,485,839 $ 202,347,098 See accompanying notes to financial statements. F-26 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 1,011,909,248 and $ 967,111,002 , respectively) $ 1,011,915,551 $ 967,310,974 Affiliated investments (cost $ 405,162,000 and $ – , respectively) 405,283,500 —   Cash 147,081,845 803,492,250 Segregated cash balances with brokers for futures contracts 251,409,980 185,737,500 Unrealized appreciation on swap agreements 131,908,038 313,913,258 Receivable from capital shares sold —   109,152,231 Receivable on open futures contracts 41,295,631 —   Receivable for dividends from affiliates 276,765 —   Interest receivable 1,031,538 1,543,277 Total assets 1,990,202,848 2,381,149,490 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 52,952,834 —   Payable on open futures contracts —   142,327,483 Payable to Sponsor 1,630,501 1,536,740 Unrealized depreciation on swap agreements 82,673,890 —   Total liabilities 137,257,225 143,864,223 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 1,852,945,623 2,237,285,267 Total liabilities and shareholders’ equity $ 1,990,202,848 $ 2,381,149,490 Shares outstanding 15,746,526 14,346,526 Net asset value per share $ 117.67 $ 155.95 Market value per share (Note 2) $ 119.51 $ 155.12 See accompanying notes to financial statements. F-27 Table of Contents PROSHARES ULTRA SILVER SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 55 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 † $ 8,348,000 $ 8,341,303 3.806 % due 04/16/26 † 79,180,000 79,059,908 3.726 % due 04/28/26 † 200,000,000 199,454,740 3.806 % due 05/05/26 † 200,000,000 199,316,220 3.832 % due 05/07/26 † 130,000,000 129,526,800 3.698 % due 06/25/26 † 200,000,000 198,302,360 3.677 % due 07/14/26 † 200,000,000 197,914,220 Total short-term U.S. government and agency obligations (cost $ 1,011,909,248 ) $ 1,011,915,551 Shares Affiliated Investments Exchange Traded Fund ( 22 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 405,162,000 ) 4,050,000 405,283,500 Total Investments in Securities (cost $ 1,417,071,248 ) $ 1,417,199,051 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires May 2026 3,654 $ 1,368,770,130 $ ( 35,395,910 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/ Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 04/06/26 $ 1,016,244,234 $ 71,210,588 Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 1.50 04/06/26 219,382,883 ( 55,814,650 ) Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.80 04/06/26 213,204,683 ( 26,859,240 ) Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.36 04/06/26 888,119,421 60,697,450 $ 49,234,148 Total Unrealized Appreciation $ 131,908,038 Total Unrealized Depreciation $ ( 82,673,890 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-28 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 14,569,223 $ 6,019,905 Dividends from affiliates (Note 5) 1,930,707 —   Total income 16,499,930 6,019,905 Expenses Management fee 6,234,079 1,516,455 Brokerage commissions 107,448 46,556 Total expenses 6,341,527 1,563,011 Net investment income (loss) 10,158,403 4,456,894 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 173,095,352 23,172,336 Swap agreements 186,233,948 31,538,451 Short-term U.S. government and agency obligations 255 —   Affiliated investments 127,000 —   Payment from affiliate (Note 5) 98,485 —   Net realized gain (loss) 359,555,040 54,710,787 Change in net unrealized appreciation (depreciation) on Futures contracts ( 454,641,309 ) 58,771,511 Swap agreements ( 264,679,110 ) 80,543,112 Short-term U.S. government and agency obligations ( 193,669 ) ( 37,152 ) Affiliated investments 121,500 —   Change in net unrealized appreciation (depreciation) ( 719,392,588 ) 139,277,471 Net realized and unrealized gain (loss) ( 359,837,548 ) 193,988,258 Net income (loss) $ ( 349,679,145 ) $ 198,445,152 See accompanying notes to financial statements. F-29 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 2,237,285,267 $ 562,083,293 Addition of 12,150,000 and 4,850,000 shares, respectively 1,975,835,556 203,711,879 Redemption of 10,750,000 and 5,900,000 shares, respectively ( 2,010,496,055 ) ( 246,247,865 ) Net addition (redemption) of 1,400,000 and ( 1,050,000 ) shares, respectively ( 34,660,499 ) ( 42,535,986 ) Net investment income (loss) 10,158,403 4,456,894 Net realized gain (loss) 359,555,040 54,710,787 Change in net unrealized appreciation (depreciation) ( 719,392,588 ) 139,277,471 Net income (loss) ( 349,679,145 ) 198,445,152 Shareholders’ equity, end of period $ 1,852,945,623 $ 717,992,459 See accompanying notes to financial statements. F-30 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 349,679,145 ) $ 198,445,152 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 2,598,467,892 ) ( 944,854,868 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 2,562,212,049 735,000,000 Cost of affiliated investments purchased ( 800,407,000 ) —   Proceeds from affiliated investments sold 395,372,000 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 8,542,148 ) ( 3,409,959 ) Net realized (gain) loss on investments ( 127,255 ) —   Change in unrealized (appreciation) depreciation on investments 264,751,279 ( 80,505,960 ) Decrease (Increase) in securities sold receivable —   ( 18,161,000 ) Decrease (Increase) in receivable on open futures contracts ( 41,295,631 ) ( 2,002,991 ) Decrease (Increase) in receivable for dividends from affiliates ( 276,765 ) —   Decrease (Increase) in interest receivable 511,739 ( 203,863 ) Increase (Decrease) in payable to Sponsor 93,761 45,651 Increase (Decrease) in payable on open futures contracts ( 142,327,483 ) ( 695,048 ) Net cash provided by (used in) operating activities ( 718,182,491 ) ( 116,342,886 ) Cash flow from financing activities Proceeds from addition of shares 2,084,987,787 203,711,879 Payment on shares redeemed ( 1,957,543,221 ) ( 218,802,499 ) Net cash provided by (used in) financing activities 127,444,566 ( 15,090,620 ) Net increase (decrease) in cash ( 590,737,925 ) ( 131,433,506 ) Cash, beginning of period 989,229,750 491,827,274 Cash, end of period $ 398,491,825 $ 360,393,768 See accompanying notes to financial statements. F-31 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ – and $ 99,753,597 , respectively) $ —   $ 99,775,566 Affiliated investments (cost $ 105,058,700 and $ – , respectively) 105,073,500 —   Cash 68,790,872 20,831,598 Segregated cash balances with brokers for futures contracts 153,697,873 272,061,021 Receivable from capital shares sold 5,221,211 —   Receivable on open futures contracts 2,492,569 17,868,535 Receivable for dividends from affiliates 71,754 —   Interest receivable 480,275 633,386 Total assets 335,828,054 411,170,106 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   3,584,487 Payable on open futures contracts 40,276,987 6,790,097 Brokerage commissions and futures account fees payable 15,742 39,021 Payable to Sponsor 260,070 350,365 Total liabilities 40,552,799 10,763,970 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 295,275,255 400,406,136 Total liabilities and shareholders’ equity $ 335,828,054 $ 411,170,106 Shares outstanding 5,667,347 11,167,347 Net asset value per share $ 52.10 $ 35.86 Market value per share (Note 2) $ 52.30 $ 35.93 See accompanying notes to financial statements. F-32 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Shares Value Affiliated Investments Exchange Traded Fund ( 36 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 105,058,700 ) 1,050,000 105,073,500 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires April 2026 8,499 $ 212,665,378 $ 24,903,425 VIX Futures - Cboe, expires May 2026 9,441 230,473,692 ( 932,019 ) $ 23,971,406 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. See accompanying notes to financial statements. F-33 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 1,975,585 $ 2,887,526 Dividends from affiliates (Note 5) 338,001 —   Total income 2,313,586 2,887,526 Expenses Management fee 853,358 836,310 Brokerage commissions 638,333 887,712 Futures accounts fees 69,165 86,907 Total expenses 1,560,856 1,810,929 Net investment income (loss) 752,730 1,076,597 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 75,997,360 99,921,457 Short-term U.S. government and agency obligations 52 ( 70 ) Affiliated investments 12,000 —   Payment from affiliate (Note 5) 16,311 —   Net realized gain (loss) 76,025,723 99,921,387 Change in net unrealized appreciation (depreciation) on Futures contracts 80,046,568 19,641,080 Short-term U.S. government and agency obligations ( 21,969 ) ( 7,719 ) Affiliated investments 14,800 —   Change in net unrealized appreciation (depreciation) 80,039,399 19,633,361 Net realized and unrealized gain (loss) 156,065,122 119,554,748 Net income (loss) $ 156,817,852 $ 120,631,345 See accompanying notes to financial statements. F-34 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 400,406,136 $ 284,452,060 Addition of 10,600,000 and 9,070,000 shares, respectively (Note 1) 428,547,990 881,018,888 Redemption of 16,100,000 and 9,050,000 shares, respectively (Note 1) ( 690,496,723 ) ( 962,720,350 ) Net addition (redemption) of ( 5,500,000 ) and 20,000 shares, respectively (Note 1) ( 261,948,733 ) ( 81,701,462 ) Net investment income (loss) 752,730 1,076,597 Net realized gain (loss) 76,025,723 99,921,387 Change in net unrealized appreciation (depreciation) 80,039,399 19,633,361 Net income (loss) 156,817,852 120,631,345 Shareholders’ equity, end of period $ 295,275,255 $ 323,381,943 See accompanying notes to financial statements. F-35 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 156,817,852 $ 120,631,345 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 34,889,457 ) ( 218,972,961 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 134,979,905 194,910,250 Cost of affiliated investments purchased ( 155,097,500 ) —   Proceeds from affiliated investments sold 50,050,800 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 336,799 ) ( 809,335 ) Net realized (gain) loss on investments ( 12,052 ) 70 Change in unrealized (appreciation) depreciation on investments 7,169 7,719 Decrease (Increase) in receivable on open futures contracts 15,375,966 ( 45,900,051 ) Decrease (Increase) in receivable for dividends from affiliates ( 71,754 ) —   Decrease (Increase) in interest receivable 153,111 326,094 Increase (Decrease) in payable to Sponsor ( 90,295 ) ( 60,095 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 23,279 ) ( 5,582 ) Increase (Decrease) in payable on open futures contracts 33,486,890 428,787 Net cash provided by (used in) operating activities 200,350,557 50,556,241 Cash flow from financing activities Proceeds from addition of shares 423,326,779 881,018,888 Payment on shares redeemed ( 694,081,210 ) ( 868,967,930 ) Net cash provided by (used in) financing activities ( 270,754,431 ) 12,050,958 Net increase (decrease) in cash ( 70,403,874 ) 62,607,199 Cash, beginning of period 292,892,619 250,621,829 Cash, end of period $ 222,488,745 $ 313,229,028 See accompanying notes to financial statements. F-36 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 14,956,258 and $ – , respectively) $ 14,956,137 $ —   Affiliated investments (cost $ 16,006,400 and $ – , respectively) 16,011,200 —   Cash 14,260,012 43,846,101 Segregated cash balances with brokers for foreign currency forward contracts —   5,912,013 Unrealized appreciation on foreign currency forward contracts —   1,161 Receivable for dividends from affiliates 10,934 —   Interest receivable 66,002 128,447 Total assets 45,304,285 49,887,722 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 35,250 38,563 Unrealized depreciation on foreign currency forward contracts 253,791 1,183,809 Total liabilities 289,041 1,222,372 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 45,015,244 48,665,350 Total liabilities and shareholders’ equity $ 45,304,285 $ 49,887,722 Shares outstanding 2,449,970 2,549,970 Net asset value per share $ 18.37 $ 19.08 Market value per share (Note 2) $ 18.38 $ 19.06 See accompanying notes to financial statements. F-37 Table of Contents PROSHARES ULTRA YEN SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 33 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.721 % due 04/30/26 † $ 15,000,000 $ 14,956,137 Total short-term U.S. government and agency obligations (cost $ 14,956,258 ) $ 14,956,137 Shares Affiliated Investments Exchange Traded Fund ( 36 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 16,006,400 ) 160,000 16,011,200 Total Investments in Securities (cost $ 30,962,658 ) $ 30,967,337 Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with Goldman Sachs International 04/10/26 8,167,890,056 $ 51,517,104 $ ( 102,053 ) Yen with UBS AG 04/10/26 7,172,220,856 45,237,149 ( 116,856 ) Total Unrealized Depreciation $ ( 218,909 ) Contracts to Sell Yen with Goldman Sachs International 04/10/26 ( 217,500,000 ) $ ( 1,371,832 ) $ ( 2,972 ) Yen with UBS AG 04/10/26 ( 857,295,000 ) ( 5,407,193 ) ( 31,910 ) Total Unrealized Depreciation $ ( 34,882 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for foreign currency forward contracts. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-38 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 300,576 $ 528,121 Dividends from affiliates (Note 5) 53,497 —   Total income 354,073 528,121 Expenses Management fee 112,303 137,014 Total expenses 112,303 137,014 Net investment income (loss) 241,770 391,107 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 2,920,760 ) 1,642,642 Payment from affiliate (Note 5) 2,567 —   Net realized gain (loss) ( 2,918,193 ) 1,642,642 Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 928,857 2,667,939 Short-term U.S. government and agency obligations ( 121 ) —   Affiliated investments 4,800 —   Change in net unrealized appreciation (depreciation) 933,536 2,667,939 Net realized and unrealized gain (loss) ( 1,984,657 ) 4,310,581 Net income (loss) $ ( 1,742,887 ) $ 4,701,688 See accompanying notes to financial statements. F-39 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 48,665,350 $ 44,505,646 Addition of 150,000 and 900,000 shares, respectively 2,802,959 18,743,712 Redemption of 250,000 and 300,000 shares, respectively ( 4,710,178 ) ( 6,623,703 ) Net addition (redemption) of ( 100,000 ) and 600,000 shares, respectively ( 1,907,219 ) 12,120,009 Net investment income (loss) 241,770 391,107 Net realized gain (loss) ( 2,918,193 ) 1,642,642 Change in net unrealized appreciation (depreciation) 933,536 2,667,939 Net income (loss) ( 1,742,887 ) 4,701,688 Shareholders’ equity, end of period $ 45,015,244 $ 61,327,343 See accompanying notes to financial statements. F-40 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 1,742,887 ) $ 4,701,688 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 14,944,192 ) —   Cost of affiliated investments purchased ( 16,006,400 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 12,066 ) —   Change in unrealized (appreciation) depreciation on investments ( 933,536 ) ( 2,667,939 ) Decrease (Increase) in receivable for dividends from affiliates ( 10,934 ) —   Decrease (Increase) in interest receivable 62,445 ( 52,012 ) Increase (Decrease) in payable to Sponsor ( 3,313 ) 14,711 Net cash provided by (used in) operating activities ( 33,590,883 ) 1,996,448 Cash flow from financing activities Proceeds from addition of shares 2,802,959 18,743,712 Payment on shares redeemed ( 4,710,178 ) ( 6,623,703 ) Net cash provided by (used in) financing activities ( 1,907,219 ) 12,120,009 Net increase (decrease) in cash ( 35,498,102 ) 14,116,457 Cash, beginning of period 49,758,114 48,608,105 Cash, end of period $ 14,260,012 $ 62,724,562 See accompanying notes to financial statements. F-41 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 219,470,871 and $ 44,906,073 , respectively) $ 219,469,491 $ 44,913,599 Affiliated investments (cost $ 290,317,420 and $ – , respectively) 290,174,000 —   Cash 105,949,020 19,951,883 Segregated cash balances with brokers for futures contracts 333,583,771 22,519,576 Receivable from capital shares sold 21,083,716 981,948 Receivable on open futures contracts 41,010,813 1,186,923 Receivable for dividends from affiliates 198,177 —   Interest receivable 479,233 124,609 Total assets 1,011,948,221 89,678,538 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 2,108,372 —   Payable on open futures contracts 20,140,977 139,029 Payable to Sponsor 442,131 73,119 Total liabilities 22,691,480 212,148 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 989,256,741 89,466,390 Total liabilities and shareholders’ equity $ 1,011,948,221 $ 89,678,538 Shares outstanding 117,305,220 4,555,220 Net asset value per share $ 8.43 $ 19.64 Market value per share (Note 2) $ 8.32 $ 19.61 See accompanying notes to financial statements. F-42 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 22 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 $ 20,000,000 $ 19,983,956 3.806 % due 04/16/26 50,000,000 49,924,165 3.721 % due 04/30/26 150,000,000 149,561,370 Total short-term U.S. government and agency obligations (cost $ 219,470,871 ) $ 219,469,491 Shares Affiliated Investments Exchange Traded Fund ( 29 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 290,317,420 ) 2,900,000 290,174,000 Total Investments in Securities (cost $ 509,788,291 ) $ 509,643,491 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires June 2026 7,918 $ 737,640,880 $ ( 45,303,696 ) WTI Crude Oil - NYMEX, expires December 2026 8,606 623,676,820 3,486,646 WTI Crude Oil - NYMEX, expires June 2027 8,853 616,965,570 ( 3,029,347 ) $ ( 44,846,397 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F- 43 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 1,331,795 $ 1,934,823 Dividends from affiliates (Note 5) 681,432 —   Total income 2,013,227 1,934,823 Expenses Management fee 638,171 481,324 Brokerage commissions 119,426 60,776 Total expenses 757,597 542,100 Net investment income (loss) 1,255,630 1,392,723 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 96,860,657 ) 8,933,899 Short-term U.S. government and agency obligations ( 2 ) —   Payment from affiliate (Note 5) 24,479 —   Net realized gain (loss) ( 96,836,180 ) 8,933,899 Change in net unrealized appreciation (depreciation) on Futures contracts ( 56,871,515 ) 3,484,827 Short-term U.S. government and agency obligations ( 8,906 ) ( 277 ) Affiliated investments ( 143,420 ) —   Change in net unrealized appreciation (depreciation) ( 57,023,841 ) 3,484,550 Net realized and unrealized gain (loss) ( 153,860,021 ) 12,418,449 Net income (loss) $ ( 152,604,391 ) $ 13,811,172 See accompanying notes to financial statements. F-44 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 89,466,390 $ 121,997,334 Addition of 135,500,000 and 10,100,000 shares, respectively 1,279,853,061 157,754,091 Redemption of 22,750,000 and 6,600,000 shares, respectively ( 227,458,319 ) ( 114,377,370 ) Net addition (redemption) of 112,750,000 and 3,500,000 shares, respectively 1,052,394,742 43,376,721 Net investment income (loss) 1,255,630 1,392,723 Net realized gain (loss) ( 96,836,180 ) 8,933,899 Change in net unrealized appreciation (depreciation) ( 57,023,841 ) 3,484,550 Net income (loss) ( 152,604,391 ) 13,811,172 Shareholders’ equity, end of period $ 989,256,741 $ 179,185,227 See accompanying notes to financial statements. F-45 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 152,604,391 ) $ 13,811,172 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 244,073,368 ) ( 228,753,456 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 70,000,000 170,000,000 Cost of affiliated investments purchased ( 290,317,420 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 491,432 ) ( 812,287 ) Net realized (gain) loss on investments 2 —   Change in unrealized (appreciation) depreciation on investments 152,326 277 Decrease (Increase) in receivable on open futures contracts ( 39,823,890 ) —   Decrease (Increase) in receivable for dividends from affiliates ( 198,177 ) —   Decrease (Increase) in interest receivable ( 354,624 ) ( 27,055 ) Increase (Decrease) in payable to Sponsor 369,012 64,816 Increase (Decrease) in payable on open futures contracts 20,001,948 5,216,738 Net cash provided by (used in) operating activities ( 637,340,014 ) ( 40,499,795 ) Cash flow from financing activities Proceeds from addition of shares 1,259,751,293 156,955,892 Payment on shares redeemed ( 225,349,947 ) ( 114,377,370 ) Net cash provided by (used in) financing activities 1,034,401,346 42,578,522 Net increase (decrease) in cash 397,061,332 2,078,727 Cash, beginning of period 42,471,459 120,735,111 Cash, end of period $ 439,532,791 $ 122,813,838 See accompanying notes to financial statements. F-46 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 39,946,662 and $ 69,807,867 , respectively) $ 39,946,692 $ 69,821,093 Affiliated investments (cost $ 80,032,000 and $ – , respectively) 80,048,000 —   Cash 14,370,871 24,344,867 Segregated cash balances with brokers for futures contracts 72,274,989 49,604,357 Receivable on open futures contracts 307,616 15,938,672 Receivable for dividends from affiliates 54,670 —   Interest receivable 236,003 201,070 Total assets 207,238,841 159,910,059 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   14,316,465 Payable on open futures contracts 208,357 1,060,496 Brokerage commissions and futures account fees payable 6,621 6,012 Payable to Sponsor 195,355 149,995 Total liabilities 410,333 15,532,968 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 206,828,508 144,377,091 Total liabilities and shareholders’ equity $ 207,238,841 $ 159,910,059 Shares outstanding 9,483,712 4,033,712 Net asset value per share $ 21.81 $ 35.79 Market value per share (Note 2) $ 21.71 $ 35.27 See accompanying notes to financial statements. F-47 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 19 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 $ 30,000,000 $ 29,975,934 3.721 % due 04/30/26 10,000,000 9,970,758 Total short-term U.S. government and agency obligations (cost $ 39,946,662 ) $ 39,946,692 Shares Affiliated Investments Exchange Traded Fund ( 39 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 80,032,000 ) 800,000 80,048,000 Total Investments in Securities (cost $ 119,978,662 ) $ 119,994,692 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Natural Gas - NYMEX, expires May 2026 14,345 $ 413,709,800 $ 42,050,151 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-48 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 1,812,716 $ 4,443,450 Dividends from affiliates (Note 5) 301,047 —   Total income 2,113,763 4,443,450 Expenses Management fee 717,122 1,087,219 Brokerage commissions 515,434 504,500 Futures accounts fees 28,465 46,040 Total expenses 1,261,021 1,637,759 Net investment income (loss) 852,742 2,805,691 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 179,842,431 ( 221,827,712 ) Short-term U.S. government and agency obligations 1,718 —   Affiliated investments 24,500 —   Payment from affiliate (Note 5) 15,756 —   Net realized gain (loss) 179,884,405 ( 221,827,712 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 11,893,386 ) ( 14,596,235 ) Short-term U.S. government and agency obligations ( 13,196 ) ( 1,802 ) Affiliated investments 16,000 —   Change in net unrealized appreciation (depreciation) ( 11,890,582 ) ( 14,598,037 ) Net realized and unrealized gain (loss) 167,993,823 ( 236,425,749 ) Net income (loss) $ 168,846,565 $ ( 233,620,058 ) See accompanying notes to financial statements. F-49 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 144,377,091 $ 260,940,143 Addition of 65,100,000 and 47,000,000 shares, respectively 1,214,566,289 1,166,645,827 Redemption of 59,650,000 and 23,850,000 shares, respectively ( 1,320,961,437 ) ( 620,112,444 ) Net addition (redemption) of 5,450,000 and 23,150,000 shares, respectively ( 106,395,148 ) 546,533,383 Net investment income (loss) 852,742 2,805,691 Net realized gain (loss) 179,884,405 ( 221,827,712 ) Change in net unrealized appreciation (depreciation) ( 11,890,582 ) ( 14,598,037 ) Net income (loss) 168,846,565 ( 233,620,058 ) Shareholders’ equity, end of period $ 206,828,508 $ 573,853,468 See accompanying notes to financial statements. F-50 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 168,846,565 $ ( 233,620,058 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 59,756,285 ) ( 646,107,653 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 89,940,588 300,000,000 Cost of affiliated investments purchased ( 140,056,000 ) —   Proceeds from affiliated investments sold 60,048,500 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 321,380 ) ( 1,928,077 ) Net realized (gain) loss on investments ( 26,218 ) —   Change in unrealized (appreciation) depreciation on investments ( 2,804 ) 1,802 Decrease (Increase) in receivable on open futures contracts 15,631,056 15,274,355 Decrease (Increase) in receivable for dividends from affiliates ( 54,670 ) —   Decrease (Increase) in interest receivable ( 34,933 ) ( 618,155 ) Increase (Decrease) in payable to Sponsor 45,360 389,680 Increase (Decrease) in brokerage commissions and futures account fees payable 609 9,218 Increase (Decrease) in payable on open futures contracts ( 852,139 ) 12,344,043 Net cash provided by (used in) operating activities 133,408,249 ( 554,254,845 ) Cash flow from financing activities Proceeds from addition of shares 1,214,566,289 1,166,645,827 Payment on shares redeemed ( 1,335,277,902 ) ( 637,556,171 ) Net cash provided by (used in) financing activities ( 120,711,613 ) 529,089,656 Net increase (decrease) in cash 12,696,636 ( 25,165,189 ) Cash, beginning of period 73,949,224 258,891,257 Cash, end of period $ 86,645,860 $ 233,726,068 See accompanying notes to financial statements. F-51 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 9,970,839 and $ – , respectively) $ 9,970,758 $ —   Affiliated investments (cost $ 10,004,000 and $ – , respectively) 10,007,000 —   Cash 16,762,548 31,282,858 Segregated cash balances with brokers for foreign currency forward contracts —   4,541,088 Unrealized appreciation on foreign currency forward contracts 216,494 7,632 Receivable for dividends from affiliates 6,834 —   Interest receivable 58,147 95,777 Total assets 37,021,781 35,927,355 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 28,098 28,744 Unrealized depreciation on foreign currency forward contracts 5,991 400,006 Total liabilities 34,089 428,750 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 36,987,692 35,498,605 Total liabilities and shareholders’ equity $ 37,021,781 $ 35,927,355 Shares outstanding 1,250,000 1,250,000 Net asset value per share $ 29.59 $ 28.40 Market value per share (Note 2) $ 29.60 $ 28.33 See accompanying notes to financial statements. F-52 Table of Contents PROSHARES ULTRASHORT EURO SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 27 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.721 % due 04/30/26 † $ 10,000,000 $ 9,970,758 Total short-term U.S. government and agency obligations (cost $ 9,970,839 ) $ 9,970,758 Shares Affiliated Investments Exchange Traded Fund ( 27 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 10,004,000 ) 100,000 10,007,000 Total Investments in Securities (cost $ 19,974,839 ) $ 19,977,758 Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 04/10/26 918,000 $ 1,061,610 $ ( 5,394 ) Euro with UBS AG 04/10/26 5,343,000 6,178,847 ( 597 ) Total Unrealized Depreciation $ ( 5,991 ) Contracts to Sell Euro with Goldman Sachs International 04/10/26 ( 33,731,263 ) $ ( 39,008,101 ) $ 79,586 Euro with UBS AG 04/10/26 ( 36,591,199 ) ( 42,315,440 ) 136,908 Total Unrealized Appreciation $ 216,494 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for foreign currency forward contracts. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-53 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 220,113 $ 348,055 Dividends from affiliates (Note 5) 33,436 —   Total income 253,549 348,055 Expenses Management fee 81,273 89,948 Total expenses 81,273 89,948 Net investment income (loss) 172,276 258,107 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 611,282 ( 1,630,953 ) Payment from affiliate (Note 5) 1,604 —   Net realized gain (loss) 612,886 ( 1,630,953 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 602,877 ( 1,344,718 ) Short-term U.S. government and agency obligations ( 81 ) —   Affiliated investments 3,000 —   Change in net unrealized appreciation (depreciation) 605,796 ( 1,344,718 ) Net realized and unrealized gain (loss) 1,218,682 ( 2,975,671 ) Net income (loss) $ 1,390,958 $ ( 2,717,564 ) See accompanying notes to financial statements. F-54 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 35,498,605 $ 41,892,674 Addition of 100,000 and 50,000 shares, respectively 2,929,052 1,572,364 Redemption of 100,000 and 200,000 shares, respectively ( 2,830,923 ) ( 6,834,624 ) Net addition (redemption) of – and ( 150,000 ) shares, respectively 98,129 ( 5,262,260 ) Net investment income (loss) 172,276 258,107 Net realized gain (loss) 612,886 ( 1,630,953 ) Change in net unrealized appreciation (depreciation) 605,796 ( 1,344,718 ) Net income (loss) 1,390,958 ( 2,717,564 ) Shareholders’ equity, end of period $ 36,987,692 $ 33,912,850 See accompanying notes to financial statements. F-55 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 1,390,958 $ ( 2,717,564 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 9,962,794 ) —   Cost of affiliated investments purchased ( 10,004,000 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 8,045 ) —   Change in unrealized (appreciation) depreciation on investments ( 605,796 ) 1,344,718 Decrease (Increase) in receivable for dividends from affiliates ( 6,834 ) —   Decrease (Increase) in interest receivable 37,630 22,269 Increase (Decrease) in payable to Sponsor ( 646 ) ( 4,752 ) Net cash provided by (used in) operating activities ( 19,159,527 ) ( 1,355,329 ) Cash flow from financing activities Proceeds from addition of shares 2,929,052 1,572,364 Payment on shares redeemed ( 2,830,923 ) ( 5,219,762 ) Net cash provided by (used in) financing activities 98,129 ( 3,647,398 ) Net increase (decrease) in cash ( 19,061,398 ) ( 5,002,727 ) Cash, beginning of period 35,823,946 40,638,310 Cash, end of period $ 16,762,548 $ 35,635,583 See accompanying notes to financial statements. F-56 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 29,912,517 and $ – , respectively) $ 29,912,274 $ —   Affiliated investments (cost $ 25,010,000 and $ – , respectively) 25,017,500 —   Cash 52,833,191 66,655,665 Segregated cash balances with brokers for futures contracts 14,103,400 4,192,800 Segregated cash balances with brokers for swap agreements —   12,948,365 Unrealized appreciation on swap agreements 1,139,795 —   Receivable on open futures contracts —   155,440 Receivable for dividends from affiliates 17,084 —   Interest receivable 140,703 187,856 Total assets 123,163,947 84,140,126 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 3,131,219 37,235 Payable to Sponsor 77,421 59,481 Unrealized depreciation on swap agreements 1,384,131 2,568,196 Total liabilities 4,592,771 2,664,912 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 118,571,176 81,475,214 Total liabilities and shareholders’ equity $ 123,163,947 $ 84,140,126 Shares outstanding 5,786,631 3,136,631 Net asset value per share $ 20.49 $ 25.98 Market value per share (Note 2) $ 20.18 $ 26.15 See accompanying notes to financial statements. F-57 Table of Contents PROSHARES ULTRASHORT GOLD SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 25 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.721 % due 04/30/26 † $ 30,000,000 $ 29,912,274 Total short-term U.S. government and agency obligations (cost $ 29,912,517 ) $ 29,912,274 Shares Affiliated Investments Exchange Traded Fund ( 21 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 25,010,000 ) 250,000 25,017,500 Total Investments in Securities (cost $ 54,922,517 ) $ 54,929,774 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures - COMEX, expires June 2026 327 $ 152,990,220 $ 10,096,681 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 04/06/26 $ ( 57,944,054 ) $ ( 858,853 ) Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.20 04/06/26 ( 10,289,004 ) 1,139,795 Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 04/06/26 ( 15,914,276 ) ( 525,278 ) $ ( 244,336 ) Total Unrealized Appreciation $ 1,139,795 ) Total Unrealized Depreciation $ ( 1,384,131 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-58 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 570,176 $ 212,707 Dividends from affiliates (Note 5) 83,590 —   Total income 653,766 212,707 Expenses Management fee 223,987 57,780 Brokerage commissions 7,045 2,079 Total expenses 231,032 59,859 Net investment income (loss) 422,734 152,848 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 5,693,849 ) ( 1,577,624 ) Swap agreements ( 9,345,188 ) ( 1,864,980 ) Affiliated investments 1,750 —   Payment from affiliate (Note 5) 4,134 —   Net realized gain (loss) ( 15,033,153 ) ( 3,442,604 ) Change in net unrealized appreciation (depreciation) on Futures contracts 10,951,728 ( 2,686,649 ) Swap agreements 2,323,860 ( 1,639,067 ) Short-term U.S. government and agency obligations ( 243 ) —   Affiliated investments 7,500 —   Change in net unrealized appreciation (depreciation) 13,282,845 ( 4,325,716 ) Net realized and unrealized gain (loss) ( 1,750,308 ) ( 7,768,320 ) Net income (loss) $ ( 1,327,574 ) $ ( 7,615,472 ) See accompanying notes to financial statements. F-59 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 81,475,214 $ 16,624,428 Addition of 10,850,000 and 750,000 shares, respectively (Note 1) 201,485,695 42,014,455 Redemption of 8,200,000 and 100,000 shares, respectively (Note 1) ( 163,062,159 ) ( 5,900,476 ) Net addition (redemption) of 2,650,000 and 650,000 shares, respectively (Note 1) 38,423,536 36,113,979 Net investment income (loss) 422,734 152,848 Net realized gain (loss) ( 15,033,153 ) ( 3,442,604 ) Change in net unrealized appreciation (depreciation) 13,282,845 ( 4,325,716 ) Net income (loss) ( 1,327,574 ) ( 7,615,472 ) Shareholders’ equity, end of period $ 118,571,176 $ 45,122,935 See accompanying notes to financial statements. F-60 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 1,327,574 ) $ ( 7,615,472 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 29,888,383 ) —   Cost of affiliated investments purchased ( 30,012,000 ) —   Proceeds from affiliated investments sold 5,003,750 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 24,134 ) —   Net realized (gain) loss on investments ( 1,750 ) —   Change in unrealized (appreciation) depreciation on investments ( 2,331,117 ) 1,639,067 Decrease (Increase) in receivable on open futures contracts 155,440 —   Decrease (Increase) in receivable for dividends from affiliates ( 17,084 ) —   Decrease (Increase) in interest receivable 47,153 ( 37,923 ) Increase (Decrease) in payable to Sponsor 17,940 10,557 Increase (Decrease) in payable on open futures contracts 3,093,984 746,533 Net cash provided by (used in) operating activities ( 55,283,775 ) ( 5,257,238 ) Cash flow from financing activities Proceeds from addition of shares 201,485,695 39,470,173 Payment on shares redeemed ( 163,062,159 ) ( 5,900,476 ) Net cash provided by (used in) financing activities 38,423,536 33,569,697 Net increase (decrease) in cash ( 16,860,239 ) 28,312,459 Cash, beginning of period 83,796,830 16,519,330 Cash, end of period $ 66,936,591 $ 44,831,789 See accompanying notes to financial statements. F-61 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 69,475,776 and $ – , respectively) $ 69,478,549 $ —   Affiliated investments (cost $ 10,007,500 and $ – , respectively) 10,007,000 —   Cash 30,923,533 164,887,996 Segregated cash balances with brokers for futures contracts 26,464,554 27,244,750 Segregated cash balances with brokers for swap agreements —   37,550,350 Unrealized appreciation on swap agreements 11,716,941 —   Receivable from capital shares sold 21,727,642 2,129,315 Receivable on open futures contracts —   19,170,259 Interest receivable 170,415 207,484 Total assets 170,488,634 251,190,154 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   49,772,735 Payable on open futures contracts 10,818,836 —   Payable to Sponsor 133,186 74,694 Unrealized depreciation on swap agreements 7,936,310 4,320,147 Securities purchased payable 10,007,500 —   Total liabilities 28,895,832 54,167,576 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 141,592,802 197,022,578 Total liabilities and shareholders’ equity $ 170,488,634 $ 251,190,154 Shares outstanding 6,190,818 3,701,026 Net asset value per share $ 22.87 $ 53.23 Market value per share (Note 2) $ 22.51 $ 53.40 See accompanying notes to financial statements. F-62 Table of Contents PROSHARES ULTRASHORT SILVER SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 49 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.832 % due 05/07/26 † $ 15,000,000 $ 14,945,400 3.699 % due 06/25/26 † 55,000,000 54,533,149 Total short-term U.S. government and agency obligations (cost $ 69,475,776 ) $ 69,478,549 Shares Affiliated Investments Exchange Traded Fund ( 7 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 10,007,500 ) 100,000 10,007,000 Total Investments in Securities (cost $ 79,483,276 ) $ 79,485,549 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires May 2026 390 $ 146,092,050 $ 6,445,987 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 04/06/26 $ ( 42,808,569 ) $ ( 4,052,636 ) Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.75 04/06/26 ( 38,159,209 ) 11,244,927 Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.30 04/06/26 ( 3,772,164 ) 472,014 Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.36 04/06/26 ( 51,957,510 ) ( 3,883,674 ) $ 3,780,631 Total Unrealized Appreciation $ 11,716,941 Total Unrealized Depreciation $ ( 7,936,310 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-63 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 1,252,032 $ 177,855 Dividends from affiliates (Note 5) 74,228 —   Total income 1,326,260 177,855 Expenses Management fee 554,744 61,371 Brokerage commissions 27,902 4,329 Total expenses 582,646 65,700 Net investment income (loss) 743,614 112,155 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 45,335,385 ) ( 1,741,414 ) Swap agreements 7,561,505 ( 1,367,572 ) Affiliated investments 4,450 —   Payment from affiliate (Note 5) 4,105 —   Net realized gain (loss) ( 37,765,325 ) ( 3,108,986 ) Change in net unrealized appreciation (depreciation) on Futures contracts 15,724,838 ( 786,051 ) Swap agreements 8,100,778 ( 4,265,997 ) Short-term U.S. government and agency obligations 2,773 —   Affiliated investments ( 500 ) —   Change in net unrealized appreciation (depreciation) 23,827,889 ( 5,052,048 ) Net realized and unrealized gain (loss) ( 13,937,436 ) ( 8,161,034 ) Net income (loss) $ ( 13,193,822 ) $ ( 8,048,879 ) See accompanying notes to financial statements. F-64 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 197,022,578 $ 23,752,619 Addition of 50,840,000 and 115,000 shares, respectively (Note 1) 1,170,426,257 36,984,514 Redemption of 48,350,208 and 60,000 shares, respectively (Note 1) ( 1,212,662,211 ) ( 19,820,635 ) Net addition (redemption) of 2,489,792 and 55,000 shares, respectively (Note 1) ( 42,235,954 ) 17,163,879 Net investment income (loss) 743,614 112,155 Net realized gain (loss) ( 37,765,325 ) ( 3,108,986 ) Change in net unrealized appreciation (depreciation) 23,827,889 ( 5,052,048 ) Net income (loss) ( 13,193,822 ) ( 8,048,879 ) Shareholders’ equity, end of period $ 141,592,802 $ 32,867,619 See accompanying notes to financial statements. F-65 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 13,193,822 ) $ ( 8,048,879 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 69,443,108 ) —   Cost of affiliated investments purchased ( 110,082,250 ) —   Proceeds from affiliated investments sold 100,079,200 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 32,668 ) —   Net realized (gain) loss on investments ( 4,450 ) —   Change in unrealized (appreciation) depreciation on investments ( 8,103,051 ) 4,265,997 Decrease (Increase) in receivable on open futures contracts 19,170,259 ( 547,451 ) Decrease (Increase) in interest receivable 37,069 ( 18,984 ) Increase (Decrease) in payable to Sponsor 58,492 3,854 Increase (Decrease) in payable on open futures contracts 10,818,836 ( 9,092 ) Increase (Decrease) in securities purchased payable 10,007,500 —   Net cash provided by (used in) operating activities ( 60,687,993 ) ( 4,354,555 ) Cash flow from financing activities Proceeds from addition of shares 1,150,827,930 36,984,514 Payment on shares redeemed ( 1,262,434,946 ) ( 16,860,356 ) Net cash provided by (used in) financing activities ( 111,607,016 ) 20,124,158 Net increase (decrease) in cash ( 172,295,009 ) 15,769,603 Cash, beginning of period 229,683,096 20,768,601 Cash, end of period $ 57,388,087 $ 36,538,204 See accompanying notes to financial statements. F-66 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 9,970,839 and $ – , respectively) $ 9,970,758 $ —   Affiliated investments (cost $ 7,002,800 and $ – , respectively) 7,004,900 —   Cash 11,879,043 31,050,946 Segregated cash balances with brokers for foreign currency forward contracts —   3,552,908 Unrealized appreciation on foreign currency forward contracts 133,879 955,069 Receivable for dividends from affiliates 4,784 —   Interest receivable 53,261 97,946 Total assets 29,046,625 35,656,869 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 23,686 29,619 Unrealized depreciation on foreign currency forward contracts 6,471 110,834 Total liabilities 30,157 140,453 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 29,016,468 35,516,416 Total liabilities and shareholders’ equity $ 29,046,625 $ 35,656,869 Shares outstanding 547,160 697,160 Net asset value per share $ 53.03 $ 50.94 Market value per share (Note 2) $ 52.98 $ 50.90 See accompanying notes to financial statements. F-67 Table of Contents PROSHARES ULTRASHORT YEN SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 34 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.721 % due 04/30/26 † $ 10,000,000 $ 9,970,758 Total short-term U.S. government and agency obligations (cost $ 9,970,839 ) $ 9,970,758 Shares Affiliated Investments Exchange Traded Fund ( 24 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 7,002,800 ) 70,000 7,004,900 Total Investments in Securities (cost $ 16,973,639 ) $ 16,975,658 Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with Goldman Sachs International 04/10/26 150,281,000 $ 947,863 $ ( 2,124 ) Yen with UBS AG 04/10/26 1,298,109,000 8,187,527 ( 4,347 ) Total Unrealized Depreciation $ ( 6,471 ) Contracts to Sell Yen with Goldman Sachs International 04/10/26 ( 4,898,069,165 ) $ ( 30,893,455 ) $ 60,403 Yen with UBS AG 04/10/26 ( 5,768,986,424 ) ( 36,386,567 ) 73,476 Total Unrealized Appreciation $ 133,879 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. † All or partial amount pledged as collateral for foreign currency forward contracts. ^ The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-68 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 211,339 $ 208,973 Dividends from affiliates (Note 5) 23,405 —   Total income 234,744 208,973 Expenses Management fee 74,000 53,937 Total expenses 74,000 53,937 Net investment income (loss) 160,744 155,036 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 1,367,613 ( 158,694 ) Payment from affiliate (Note 5) 1,123 —   Net realized gain (loss) 1,368,736 ( 158,694 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 716,827 ) ( 1,804,651 ) Short-term U.S. government and agency obligations ( 81 ) —   Affiliated investments 2,100 —   Change in net unrealized appreciation (depreciation) ( 714,808 ) ( 1,804,651 ) Net realized and unrealized gain (loss) 653,928 ( 1,963,345 ) Net income (loss) $ 814,672 $ ( 1,808,309 ) See accompanying notes to financial statements. F-69 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 35,516,416 $ 26,080,295 Addition of 200,000 and 150,000 shares, respectively 10,316,689 6,676,426 Redemption of 350,000 and 100,000 shares, respectively ( 17,631,309 ) ( 4,499,041 ) Net addition (redemption) of ( 150,000 ) and 50,000 shares, respectively ( 7,314,620 ) 2,177,385 Net investment income (loss) 160,744 155,036 Net realized gain (loss) 1,368,736 ( 158,694 ) Change in net unrealized appreciation (depreciation) ( 714,808 ) ( 1,804,651 ) Net income (loss) 814,672 ( 1,808,309 ) Shareholders’ equity, end of period $ 29,016,468 $ 26,449,371 See accompanying notes to financial statements. F-70 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 814,672 $ ( 1,808,309 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 9,962,795 ) —   Cost of affiliated investments purchased ( 7,002,800 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 8,044 ) —   Change in unrealized (appreciation) depreciation on investments 714,808 1,804,651 Decrease (Increase) in receivable for dividends from affiliates ( 4,784 ) —   Decrease (Increase) in interest receivable 44,685 7,342 Increase (Decrease) in payable to Sponsor ( 5,933 ) ( 2,001 ) Net cash provided by (used in) operating activities ( 15,410,191 ) 1,683 Cash flow from financing activities Proceeds from addition of shares 10,316,689 6,676,426 Payment on shares redeemed ( 17,631,309 ) ( 4,499,041 ) Net cash provided by (used in) financing activities ( 7,314,620 ) 2,177,385 Net increase (decrease) in cash ( 22,724,811 ) 2,179,068 Cash, beginning of period 34,603,854 23,795,096 Cash, end of period $ 11,879,043 $ 25,974,164 See accompanying notes to financial statements. F-71 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 19,941,678 and $ – , respectively) $ 19,941,516 $ —   Affiliated investments (cost $ 20,008,000 and $ – , respectively) 20,014,000 —   Cash 23,984,257 38,019,261 Segregated cash balances with brokers for futures contracts 8,883,333 6,491,709 Receivable from capital shares sold 613 1,143,390 Receivable on open futures contracts —   169,802 Receivable for dividends from affiliates 13,667 —   Interest receivable 110,223 117,024 Total assets 72,947,609 45,941,186 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 1,679,940 —   Brokerage commissions and futures account fees payable 547 2,156 Payable to Sponsor 46,044 27,972 Total liabilities 1,726,531 30,128 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 71,221,078 45,911,058 Total liabilities and shareholders’ equity $ 72,947,609 $ 45,941,186 Shares outstanding 4,137,403 3,012,403 Net asset value per share $ 17.21 $ 15.24 Market value per share (Note 2) $ 17.15 $ 15.27 See accompanying notes to financial statements. F-72 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 28 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.721 % due 04/30/26 $ 20,000,000 $ 19,941,516 Total short-term U.S. government and agency obligations (cost $ 19,941,678 ) $ 19,941,516 Shares Affiliated Investments Exchange Traded Fund ( 28 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 20,008,000 ) 200,000 20,014,000 Total Investments in Securities (cost $ 39,949,678 ) $ 39,955,516 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires July 2026 462 $ 11,277,097 $ 1,502,251 VIX Futures - Cboe, expires August 2026 974 23,668,492 2,550,979 VIX Futures - Cboe, expires September 2026 974 23,716,900 1,342,477 VIX Futures - Cboe, expires October 2026 513 12,568,500 98,639 $ 5,494,346 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-73 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 392,812 $ 281,099 Dividends from affiliates (Note 5) 66,872 —   Total income 459,684 281,099 Expenses Management fee 130,064 63,974 Brokerage commissions 14,946 12,545 Futures accounts fees 4,027 3,120 Total expenses 149,037 79,639 Net investment income (loss) 310,647 201,460 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 549,706 707,192 Payment from affiliate (Note 5) 3,209 —   Net realized gain (loss) 552,915 707,192 Change in net unrealized appreciation (depreciation) on Futures contracts 7,529,895 1,624,484 Short-term U.S. government and agency obligations ( 162 ) —   Affiliated investments 6,000 —   Change in net unrealized appreciation (depreciation) 7,535,733 1,624,484 Net realized and unrealized gain (loss) 8,088,648 2,331,676 Net income (loss) $ 8,399,295 $ 2,533,136 See accompanying notes to financial statements. F-74 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 45,911,058 $ 28,111,210 Addition of 1,600,000 and 1,300,000 shares, respectively 24,591,336 20,127,612 Redemption of 475,000 and 1,075,000 shares, respectively ( 7,680,611 ) ( 16,525,151 ) Net addition (redemption) of 1,125,000 and 225,000 shares, respectively 16,910,725 3,602,461 Net investment income (loss) 310,647 201,460 Net realized gain (loss) 552,915 707,192 Change in net unrealized appreciation (depreciation) 7,535,733 1,624,484 Net income (loss) 8,399,295 2,533,136 Shareholders’ equity, end of period $ 71,221,078 $ 34,246,807 See accompanying notes to financial statements. F-75 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 8,399,295 $ 2,533,136 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 19,925,589 ) —   Cost of affiliated investments purchased ( 20,008,000 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 16,089 ) —   Change in unrealized (appreciation) depreciation on investments ( 5,838 ) —   Decrease (Increase) in receivable on open futures contracts 169,802 ( 105,025 ) Decrease (Increase) in receivable for dividends from affiliates ( 13,667 ) —   Decrease (Increase) in interest receivable 6,801 ( 14,027 ) Increase (Decrease) in payable to Sponsor 18,072 7,934 Increase (Decrease) in brokerage commissions and futures account fees payable ( 1,609 ) 17 Increase (Decrease) in payable on open futures contracts 1,679,940 ( 50,382 ) Net cash provided by (used in) operating activities ( 29,696,882 ) 2,371,653 Cash flow from financing activities Proceeds from addition of shares 25,734,113 20,127,612 Payment on shares redeemed ( 7,680,611 ) ( 16,129,337 ) Net cash provided by (used in) financing activities 18,053,502 3,998,275 Net increase (decrease) in cash ( 11,643,380 ) 6,369,928 Cash, beginning of period 44,510,970 28,081,839 Cash, end of period $ 32,867,590 $ 34,451,767 See accompanying notes to financial statements. F-76 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 19,983,882 and $ 84,730,287 , respectively) $ 19,983,956 $ 84,751,266 Affiliated investments (cost $ 70,028,000 and $ – , respectively) 70,049,000 —   Cash 41,662,100 40,959,182 Segregated cash balances with brokers for futures contracts 59,908,998 100,111,309 Receivable on open futures contracts 1,222,593 5,340,338 Receivable for dividends from affiliates 47,836 —   Interest receivable 255,920 301,483 Total assets 193,130,403 231,463,578 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 3,426,397 3,857,756 Payable on open futures contracts 15,880,397 —   Brokerage commissions and futures account fees payable 7,779 19,394 Payable to Sponsor 136,579 121,692 Total liabilities 19,451,152 3,998,842 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 173,679,251 227,464,736 Total liabilities and shareholders’ equity $ 193,130,403 $ 231,463,578 Shares outstanding 5,066,252 8,841,252 Net asset value per share $ 34.28 $ 25.73 Market value per share (Note 2) $ 34.35 $ 25.64 See accompanying notes to financial statements. F-77 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS MARCH 31, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 12 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.717 % due 04/09/26 $ 20,000,000 $ 19,983,956 Total short-term U.S. government and agency obligations (cost $ 19,983,882 ) $ 19,983,956 Shares Affiliated Investments Exchange Traded Fund ( 40 % of shareholders’ equity) ProShares Genius Money Market ETF 3.52 % (a)(b) (cost $ 70,028,000 ) 700,000 70,049,000 Total Investments in Securities (cost $ 90,011,882 ) $ 90,032,956 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires April 2026 3,337 $ 83,499,749 $ 13,669,789 VIX Futures - Cboe, expires May 2026 3,699 90,299,988 ( 567,825 ) $ 13,101,964 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of March 31, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-78 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 1,325,029 $ 1,562,298 Dividends from affiliates (Note 5) 247,367 —   Total income 1,572,396 1,562,298 Expenses Management fee 466,498 366,495 Brokerage commissions 81,441 170,727 Futures accounts fees 34,200 66,398 Total expenses 582,139 603,620 Net investment income (loss) 990,257 958,678 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 33,882,321 32,209,263 Affiliated investments 4,500 —   Payment from affiliate (Note 5) 12,053 —   Net realized gain (loss) 33,898,874 32,209,263 Change in net unrealized appreciation (depreciation) on Futures contracts 34,670,227 6,988,089 Short-term U.S. government and agency obligations ( 20,905 ) ( 6,608 ) Affiliated investments 21,000 —   Change in net unrealized appreciation (depreciation) 34,670,322 6,981,481 Net realized and unrealized gain (loss) 68,569,196 39,190,744 Net income (loss) $ 69,559,453 $ 40,149,422 See accompanying notes to financial statements. F-79 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 227,464,736 $ 133,641,615 Addition of 1,150,000 and 4,725,000 shares, respectively 32,747,793 198,916,439 Redemption of 4,925,000 and 4,450,000 shares, respectively ( 156,092,731 ) ( 209,708,735 ) Net addition (redemption) of ( 3,775,000 ) and 275,000 shares, respectively ( 123,344,938 ) ( 10,792,296 ) Net investment income (loss) 990,257 958,678 Net realized gain (loss) 33,898,874 32,209,263 Change in net unrealized appreciation (depreciation) 34,670,322 6,981,481 Net income (loss) 69,559,453 40,149,422 Shareholders’ equity, end of period $ 173,679,251 $ 162,998,741 See accompanying notes to financial statements. F-80 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 69,559,453 $ 40,149,422 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 39,862,003 ) ( 134,311,104 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 105,000,000 140,000,000 Cost of affiliated investments purchased ( 80,032,000 ) —   Proceeds from affiliated investments sold 10,008,500 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 391,592 ) ( 589,829 ) Net realized (gain) loss on investments ( 4,500 ) —   Change in unrealized (appreciation) depreciation on investments ( 95 ) 6,608 Decrease (Increase) in receivable on open futures contracts 4,117,745 1,975,200 Decrease (Increase) in receivable for dividends from affiliates ( 47,836 ) —   Decrease (Increase) in interest receivable 45,563 ( 20,035 ) Increase (Decrease) in payable to Sponsor 14,887 29,192 Increase (Decrease) in brokerage commissions and futures account fees payable ( 11,615 ) 702 Increase (Decrease) in payable on open futures contracts 15,880,397 656,969 Net cash provided by (used in) operating activities 84,276,904 47,897,125 Cash flow from financing activities Proceeds from addition of shares 32,747,793 198,916,439 Payment on shares redeemed ( 156,524,090 ) ( 209,708,735 ) Net cash provided by (used in) financing activities ( 123,776,297 ) ( 10,792,296 ) Net increase (decrease) in cash ( 39,499,393 ) 37,104,829 Cash, beginning of period 141,070,491 105,874,804 Cash, end of period $ 101,571,098 $ 142,979,633 See accompanying notes to financial statements. F-81 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF FINANCIAL CONDITION March 31, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 2,208,830,373 and $ 2,258,570,523 , respectively) $ 2,208,839,603 $ 2,259,034,978 Affiliated investments (cost $ 1,809,077,980 and - , respectively) 1,809,191,600 —   Cash 801,434,051 2,000,384,525 Segregated cash balances with brokers for futures contracts 1,310,700,280 1,057,966,488 Segregated cash balances with brokers for foreign currency forward contracts 726,667 14,672,676 Segregated cash balances with brokers for swap agreements —   177,725,284 Unrealized appreciation on swap agreements 210,561,103 342,589,713 Unrealized appreciation on foreign currency forward contracts 350,373 1,026,581 Receivable from capital shares sold 48,834,608 141,593,234 Receivable on open futures contracts 138,413,959 62,341,509 Receivable for dividends from affiliates 1,242,367 —   Interest receivable 4,812,341 5,605,894 Total assets 6,535,106,952 6,062,940,882 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 108,606,125 80,016,715 Payable on open futures contracts 113,750,336 234,805,824 Brokerage commissions and futures account fees payable 49,823 87,843 Payable to Sponsor 4,893,243 4,227,029 Unrealized depreciation on swap agreements 111,388,736 18,039,464 Unrealized depreciation on foreign currency forward contracts 314,101 1,694,678 Securities Purchased Payable 10,007,500 —   Total liabilities 349,009,864 338,871,553 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 6,186,097,088 5,724,069,329 Total liabilities and shareholders’ equity $ 6,535,106,952 $ 6,062,940,882 Shares outstanding (Note 2) 234,715,796 123,826,004 See accompanying notes to financial statements. F-82 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2026 2025 Investment Income Interest $ 38,012,229 $ 30,950,905 Dividends from affiliates (Note 5) 6,595,541 —   Total income 44,607,770 30,950,905 Expenses Management fee 15,682,557 7,850,538 Brokerage commissions 2,188,859 2,164,503 Futures account fees 196,930 326,700 Total expenses 18,068,346 10,341,741 Net investment income (loss) 26,539,424 20,609,164 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 554,271,895 185,256,572 Swap agreements 451,014,531 61,760,546 Foreign currency forward contracts ( 1,121,507 ) 13,512 Short-term U.S. government and agency obligations 11,551 ( 70 ) Affiliated investments 248,950 —   Payment from affiliate (Note 5) 313,496 —      Net realized gain (loss) 1,004,738,916 247,030,560 Change in net unrealized appreciation (depreciation) on Futures contracts ( 328,252,074 ) 61,240,763 Swap agreements ( 225,377,882 ) 99,101,953 Foreign currency forward contracts 704,369 ( 286,553 ) Short-term U.S. government and agency obligations ( 455,225 ) ( 138,633 ) Affiliated investments 113,620 —   Change in net unrealized appreciation (depreciation) ( 553,267,192 ) 159,917,530 Net realized and unrealized gain (loss) 451,471,724 406,948,090 Net income (loss) $ 478,011,148 $ 427,557,254 See accompanying notes to financial statements. F-83 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended March 31, 2026 2025 Shareholders’ equity, beginning of period $ 5,724,069,329 $ 3,025,133,601 Addition of 363,790,000 and 95,660,000 shares, respectively (Note 1) 8,235,789,867 3,422,083,613 Redemption of 252,900,208 and 73,685,000 shares, respectively (Note 1) ( 8,251,773,256 ) ( 3,300,895,621 ) Net addition (redemption) of 110,889,792 and 21,975,000 shares, respectively (Note 1) ( 15,983,389 ) 121,187,992 Net investment income (loss) 26,539,424 20,609,164 Net realized gain (loss) 1,004,738,916 247,030,560 Change in net unrealized appreciation (depreciation) ( 553,267,192 ) 159,917,530 Net income (loss) 478,011,148 427,557,254 Shareholders’ equity, end of period $ 6,186,097,088 $ 3,573,878,847 See accompanying notes to financial statements. F-84 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2026 2025 Cash flow from operating activities Net income (loss) $ 478,011,148 $ 427,557,254 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 4,660,255,269 ) ( 3,908,290,932 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 4,726,749,829 2,954,910,250 Cost of affiliated investments purchased ( 2,639,603,480 ) —   Proceeds from affiliated investments sold 830,774,450 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 16,742,859 ) ( 13,932,486 ) Net realized (gain) loss on investments ( 260,501 ) 70 Change in unrealized (appreciation) depreciation on investments 225,015,118 ( 98,676,767 ) Decrease (Increase) in securities sold receivable —   ( 18,161,000 ) Decrease (Increase) in receivable on futures contracts ( 76,072,450 ) ( 43,251,881 ) Decrease (Increase) in receivable for dividends from affiliates ( 1,242,367 ) —   Decrease (Increase) in interest receivable 793,553 ( 376,481 ) Increase (Decrease) in payable to Sponsor 666,214 265,154 Increase (Decrease) in brokerage commissions and futures account fees payable ( 38,020 ) ( 6,975 ) Increase (Decrease) in payable on futures contracts ( 121,055,488 ) ( 18,937,792 ) Increase (Decrease) payable on securities purchased 10,007,500 —   Net cash provided by (used in) operating activities ( 1,243,252,622 ) ( 718,901,586 ) Cash flow from financing activities Proceeds from addition of shares 8,328,548,493 3,425,443,436 Payment on shares redeemed ( 8,223,183,846 ) ( 3,189,493,962 ) Net cash provided by (used in) financing activities 105,364,647 235,949,474 Net increase (decrease) in cash ( 1,137,887,975 ) ( 482,952,112 ) Cash, beginning of period 3,250,748,973 2,577,444,038 Cash, end of period $ 2,112,860,998 $ 2,094,491,926 See accompanying notes to financial statements. F-85 Table of Contents PROSHARES TRUST II NOTES TO FINANCIAL STATEMENTS March 31, 2026 (unaudited) NOTE 1 - ORGANIZATION ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of March 31, 2026, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. (“NYSE Arca”). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements. The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $ 350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen. Groups of Funds are collectively referred to in several different ways. References to “Short Fund,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories. The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation. The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -2x, 1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly. Share Splits and Reverse Share Splits The table below includes forward and reverse Share splits for the Funds during the three months ended March 31, 2026, and during the year ended December 31, 2025. The ticker symbols for these Funds did not change, and each Fund continues to trade on its primary listing exchange, as applicable. F-86 Table of Contents Fund Execution Date (Prior to Opening of Trading) Type of Split Date Trading Resumed at Post- Split Price ProShares Ultra Gold June 12, 2025 4-for-1 forward Share split June 13, 2025 ProShares UltraShort Gold June 12, 2025 1-for-2 reverse Share split June 13, 2025 ProShares UltraShort Gold November 19, 2025 1-for-2 reverse Share split November 20, 2025 ProShares Ultra VIX Short-Term Futures ETF November 19, 2025 1-for-5 reverse Share split November 20, 2025 ProShares UltraShort Silver February 26, 2026 1-for-10 reverse Share split February 27, 2026 The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split. The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s and the Funds’ financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 28, 2026. Use of Estimates & Indemnifications The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of material or significant loss to be remote. Basis of Presentation Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund. Statements of Cash Flows The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated March 31, 2026 and 2025, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments. F-87 Table of Contents Final Net Asset Value for Fiscal Period The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended March 31, 2026 were typically as follows. All times are Eastern Standard Time: Create/Redeem NAV Calculation NAV Fund Cut-off* Time Calculation Date Ultra Silver and UltraShort Silver 1:00 p.m. 1:25 p.m. March 31, 2026 Ultra Gold and UltraShort Gold 1:00 p.m. 1:30 p.m. March 31, 2026 Ultra Bloomberg Crude Oil 2:00 p.m. 2:30 p.m. March 31, 2026 Ultra Bloomberg Natural Gas 2:00 p.m. 2:30 p.m. March 31, 2026 UltraShort Bloomberg Crude Oil 2:00 p.m. 2:30 p.m. March 31, 2026 UltraShort Bloomberg Natural Gas 2:00 p.m. 2:30 p.m. March 31, 2026 Ultra Euro, Ultra Yen, Ultrashort Euro and Ultrashort Yen 3:00 p.m. 4:00 p.m. March 31, 2026 Short VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m. March 31, 2026 Ultra VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m. March 31, 2026 VIX Mid-Term Futures ETF 2:00 p.m. 4:00 p.m. March 31, 2026 VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m. March 31, 2026 * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended March 31, 2026. Market value per Share is determined at the close of the applicable primary listing exchange and may be later than when the Funds’ NAV per Share is calculated. For financial reporting purposes, the Funds value investment transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended March 31, 2026. Investment Valuation Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy. Exchange traded funds are generally valued at the closing price, if available, or at the last sale price, and are typically categorized as Level 1 in the fair value hierarchy. Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. These instruments are classified as Level II in the fair value hierarchy. Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy. F-88 Table of Contents Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements. Fair Value of Financial Instruments The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety. Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. F-89 Table of Contents The following table summarizes the valuation of investments at March 31, 2026 using the fair value hierarchy: Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Exchange Traded Fund Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ 34,940,093 $ 60,042,000 $ ( 3,300,675 ) $ —  $ —  $ 91,681,418 ProShares Ultra Bloomberg Crude Oil 209,070,202 230,138,000 70,966,220 —  38,075,622 548,250,044 ProShares Ultra Bloomberg Natural Gas 79,900,099 140,084,000 ( 26,247,510 ) —  —  193,736,589 ProShares Ultra Euro —  —  —  ( 47,848 ) —  ( 47,848 ) ProShares Ultra Gold 439,383,527 340,238,000 ( 77,975,258 ) —  8,326,302 709,972,571 ProShares Ultra Silver 1,011,915,551 405,283,500 ( 35,395,910 ) —  49,234,148 1,431,037,289 ProShares Ultra VIX Short-Term Futures ETF —  105,073,500 23,971,406 —  —  129,044,906 ProShares Ultra Yen 14,956,137 16,011,200 —  ( 253,791 ) —  30,713,546 ProShares UltraShort Bloomberg Crude Oil 219,469,491 290,174,000 ( 44,846,397 ) —  —  464,797,094 ProShares UltraShort Bloomberg Natural Gas 39,946,692 80,048,000 42,050,151 —  —  162,044,843 ProShares UltraShort Euro 9,970,758 10,007,000 —  210,503 —  20,188,261 ProShares UltraShort Gold 29,912,274 25,017,500 10,096,681 —  ( 244,336 ) 64,782,119 ProShares UltraShort Silver 69,478,549 10,007,000 6,445,987 —  3,780,631 89,712,167 ProShares UltraShort Yen 9,970,758 7,004,900 —  127,408 —  17,103,066 ProShares VIX Mid-Term Futures ETF 19,941,516 20,014,000 5,494,346 —  —  45,449,862 ProShares VIX Short-Term Futures ETF 19,983,956 70,049,000 13,101,964 —  —  103,134,920 Combined Trust: $ 2,208,839,603 $ 1,809,191,600 $ ( 15,638,995 ) $ 36,272 $ 99,172,367 $ 4,101,600,847 * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. There were no transfers into or out of Level 3 for the quarter ended March 31, 2026. F-90 Table of Contents The following table summarizes the valuation of investments at December 31, 2025 using the fair value hierarchy: Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ 59,907,798 $ 15,699,597 $ —  $ —  $ 75,607,395 ProShares Ultra Bloomberg Crude Oil 149,575,489 ( 3,689,107 ) —  ( 11,151,121 ) 134,735,261 ProShares Ultra Bloomberg Natural Gas 234,273,034 ( 132,096,872 ) —  —  102,176,162 ProShares Ultra Euro —  —  62,690 —  62,690 ProShares Ultra Gold 548,706,159 37,298,279 —  28,676,455 614,680,893 ProShares Ultra Silver 967,310,974 419,245,399 —  313,913,258 1,700,469,631 ProShares Ultra VIX Short-Term Futures ETF 99,775,566 ( 56,075,162 ) —  —  43,700,404 ProShares Ultra Yen —  —  ( 1,182,648 ) —  ( 1,182,648 ) ProShares UltraShort Bloomberg Crude Oil 44,913,599 12,025,118 —  —  56,938,717 ProShares UltraShort Bloomberg Natural Gas 69,821,093 53,943,537 —  —  123,764,630 ProShares UltraShort Euro —  —  ( 392,374 ) —  ( 392,374 ) ProShares UltraShort Gold —  ( 855,047 ) —  ( 2,568,196 ) ( 3,423,243 ) ProShares UltraShort Silver —  ( 9,278,851 ) —  ( 4,320,147 ) ( 13,598,998 ) ProShares UltraShort Yen —  —  844,235 —  844,235 ProShares VIX Mid-Term Futures ETF —  ( 2,035,549 ) —  —  ( 2,035,549 ) ProShares VIX Short-Term Futures ETF 84,751,266 ( 21,568,263 ) —  —  63,183,003 Combined Trust: $ 2,259,034,978 $ 312,613,079 $ ( 668,097 ) $ 324,550,249 $ 2,895,530,209 * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. There were no transfers into or out of Level 3 for the fiscal year ended December 31, 2025. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. Investment Transactions and Related Income Investment transactions are recorded on the trade date. Gains or losses realized on sales of securities are determined using the specific identification method. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations. Interest income is recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations. Interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or segregated cash balances with brokers. Dividend income is recognized on an ex-dividend date basis. Brokerage Commissions and Futures Account Fees Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02 % of the Matching VIX Fund’s average net assets annually. F-91 Table of Contents Federal Income Tax Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year. Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., last three years and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof. Segment Reporting Each Fund included herein is deemed to be an individual reporting segment and the officers of ProShares Trust II, collectively act as the chief operating decision maker (“CODM”). The CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is guided by each Fund’s investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s financial statements. NOTE 3 – INVESTMENTS Short-Term Investments The Funds may purchase U.S. Treasury Bills, agency securities, Exchange Traded Funds, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. Repurchase Agreements The Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Sponsor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The collateral underlying the repurchase agreement is held by the Fund’s custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy, or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Sponsor. As of March 31, 2026 and December 31, 2025, the Funds did not have any open repurchase agreements. F-92 Table of Contents Accounting for Derivative Instruments In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective. All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period. Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type. Futures Contracts The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying Index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract. Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. Option Contracts An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value. F-93 Table of Contents When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed. Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof. The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss. Swap Agreements Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments. Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements. F-94 Table of Contents Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques. Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. All of the outstanding swap agreements at March 31, 2026 contractually terminate within one month but may be terminated without penalty by either party at any time. Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount. The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of March 31, 2026, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. A Fund will typically enter into swap agreements with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. Forward Contracts Certain of the Funds enter into forward contracts for the purpose of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contracts are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. F-95 Table of Contents The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in increased reporting requirements. The Funds may collateralize OTC forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at a third party custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of March 31, 2026, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin. A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor. The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. The following tables indicate the location of derivative related items on the Statements of Financial Condition as well as the effect of derivative instruments on the Statements of Operations during the reporting period. F-96 Table of Contents Fair Value of Derivative Instruments as of March 31, 2026 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ —  $ 3,300,675 * ProShares Ultra VIX Short-Term Futures ETF 24,903,425 * 932,019 * ProShares VIX Mid-Term Futures ETF 5,494,346 * —  ProShares VIX Short-Term Futures ETF 13,669,789 * 567,825 * Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements ProShares Ultra Bloomberg Crude Oil 116,230,454 * 7,188,612 ProShares Ultra Bloomberg Natural Gas —  26,247,510 * ProShares Ultra Gold 20,532,095 * 90,181,051 * ProShares Ultra Silver 131,908,038 * 118,069,800 * ProShares UltraShort Bloomberg Crude Oil 3,486,646 * 48,333,043 * ProShares UltraShort Bloomberg Natural Gas 42,050,151 * —  ProShares UltraShort Gold 11,236,476 * 1,384,131 * ProShares UltraShort Silver 18,162,928 * 7,936,310 * Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro —  47,848 ProShares Ultra Yen —  253,791 ProShares UltraShort Euro 216,494 5,991 ProShares UltraShort Yen 133,879 6,471 Combined Trust: $ 388,024,721 * $ 304,455,077 * * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. F-97 Table of Contents Fair Value of Derivative Instruments as of December 31, 2025 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ 15,699,597 * $ —  ProShares Ultra VIX Short-Term Futures ETF —  56,075,162 * ProShares VIX Mid-Term Futures ETF 33,097 * 2,068,646 * ProShares VIX Short-Term Futures ETF —  21,568,263 * Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements ProShares Ultra Bloomberg Crude Oil —  14,840,228 * ProShares Ultra Bloomberg Natural Gas —  132,096,872 * ProShares Ultra Gold 65,974,734 * —  ProShares Ultra Silver 733,158,657 * —  ProShares UltraShort Bloomberg Crude Oil 12,025,118 * —  ProShares UltraShort Bloomberg Natural Gas 53,943,537 * —  ProShares UltraShort Gold —  3,423,243 * ProShares UltraShort Silver 2,243,402 * 15,842,400 * Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro 62,719 29 ProShares Ultra Yen 1,161 1,183,809 ProShares UltraShort Euro 7,632 400,006 ProShares UltraShort Yen 955,069 110,834 Combined Trust: $ 884,104,723 * $ 247,609,492 * * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. F-98 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the three months ended March 31, 2026 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ ( 18,705,613 ) $ ( 19,000,272 ) ProShares Ultra VIX Short-Term Futures ETF 75,997,360 80,046,568 ProShares VIX Mid-Term Futures ETF 549,706 7,529,895 ProShares VIX Short-Term Futures ETF 33,882,321 34,670,227 Commodities Contracts Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements ProShares Ultra Bloomberg Crude Oil 222,992,190 123,882,070 ProShares Ultra Bloomberg Natural Gas 72,377,815 105,849,362 ProShares Ultra Gold 228,694,490 ( 135,623,690 ) ProShares Ultra Silver 359,329,300 ( 719,320,419 ) ProShares UltraShort Bloomberg Crude Oil ( 96,860,657 ) ( 56,871,515 ) ProShares UltraShort Bloomberg Natural Gas 179,842,431 ( 11,893,386 ) ProShares UltraShort Gold ( 15,039,037 ) 13,275,588 ProShares UltraShort Silver ( 37,773,880 ) 23,825,616 Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro ( 179,642 ) ( 110,538 ) ProShares Ultra Yen ( 2,920,760 ) 928,857 ProShares UltraShort Euro 611,282 602,877 ProShares UltraShort Yen 1,367,613 ( 716,827 ) Combined Trust: $ 1,004,164,919 $ ( 552,925,587 ) F-99 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the three months ended March 31, 2025 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ ( 17,636,853 ) $ ( 235,275 ) ProShares Ultra VIX Short-Term Futures ETF 99,921,457 19,641,080 ProShares VIX Mid-Term Futures ETF 707,192 1,624,484 ProShares VIX Short-Term Futures ETF 32,209,263 6,988,089 Commodities Contracts Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements ProShares Ultra Bloomberg Crude Oil 15,516,861 ( 435,495 ) ProShares Ultra Bloomberg Natural Gas 222,605,228 ( 42,112,222 ) ProShares Ultra Gold 58,428,586 56,046,604 ProShares Ultra Silver 54,710,787 139,314,623 ProShares UltraShort Bloomberg Crude Oil 8,933,899 3,484,827 ProShares UltraShort Bloomberg Natural Gas ( 221,827,712 ) ( 14,596,235 ) ProShares UltraShort Gold ( 3,442,604 ) ( 4,325,716 ) ProShares UltraShort Silver ( 3,108,986 ) ( 5,052,048 ) Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro 160,517 194,877 ProShares Ultra Yen 1,642,642 2,667,939 ProShares UltraShort Euro ( 1,630,953 ) ( 1,344,718 ) ProShares UltraShort Yen ( 158,694 ) ( 1,804,651 ) Combined Trust: $ 247,030,630 $ 160,056,163 F-100 Table of Contents Offsetting Assets and Liabilities Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of March 31, 2026. Fair Values of Derivative Instruments as of March 31, 2026 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ 45,264,234 $ —   $ 45,264,234 $ 7,188,612 $ —   $ 7,188,612 ProShares Ultra Euro Foreign currency forward contracts —   —   —   47,848 —   47,848 ProShares Ultra Gold Swap agreements 20,532,095 —   20,532,095 12,205,793 —   12,205,793 ProShares Ultra Silver Swap agreements 131,908,038 —   131,908,038 82,673,890 —   82,673,890 ProShares Ultra Yen Foreign currency forward contracts —   —   —   253,791 —   253,791 ProShares UltraShort Euro Foreign currency forward contracts 216,494 —   216,494 5,991 —   5,991 ProShares UltraShort Gold Swap agreements 1,139,795 —   1,139,795 1,384,131 —   1,384,131 ProShares UltraShort Silver Swap agreements 11,716,941 —   11,716,941 7,936,310 —   7,936,310 ProShares UltraShort Yen Foreign currency forward contracts 133,879 —   133,879 6,471 —   6,471 Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at March 31, 2026. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”. F-101 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of March 31, 2026 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank N.A. $ ( 3,756,664 ) $ 3,756,664 $ —   $ —   Goldman Sachs International 21,935,669 ( 21,935,669 ) —   —   Morgan Stanley 6,663,762 ( 6,663,762 ) —   —   Societe Generale S.A. 16,664,803 ( 16,664,803 ) —   —   UBS AG ( 3,431,948 ) 3,431,948 —   —   ProShares Ultra Euro Goldman Sachs International ( 23,868 ) —   23,868 —   UBS AG ( 23,980 ) —   23,980 —   ProShares Ultra Gold Citibank N.A. 8,801,555 —   —   8,801,555 Goldman Sachs International ( 12,205,793 ) 12,205,793 —   —   UBS AG 11,730,540 ( 2,553,544 ) —   9,176,996 ProShares Ultra Silver Citibank N.A. 71,210,588 ( 12,692,997 ) —   58,517,591 Goldman Sachs International ( 55,814,650 ) 55,814,650 —   —   Morgan Stanley ( 26,859,240 ) 26,859,240 —   —   UBS AG 60,697,450 ( 9,188,423 ) —   51,509,027 ProShares Ultra Yen Goldman Sachs International ( 105,025 ) 105,025 —   —   UBS AG ( 148,766 ) 148,766 —   —   ProShares UltraShort Euro Goldman Sachs International 74,192 ( 74,192 ) —   —   UBS AG 136,311 ( 136,311 ) —   —   ProShares UltraShort Gold Citibank N.A. ( 858,853 ) 858,853 —   —   Goldman Sachs International 1,139,795 ( 1,139,795 ) —   —   UBS AG ( 525,278 ) 525,278 —   —   ProShares UltraShort Silver Citibank N.A. ( 4,052,636 ) 4,052,636 —   —   Goldman Sachs International 11,244,927 ( 11,244,927 ) —   —   Morgan Stanley 472,014 ( 472,014 ) —   —   UBS AG ( 3,883,674 ) 3,883,674 —   —   ProShares UltraShort Yen Goldman Sachs International 58,279 ( 58,279 ) —   —   UBS AG 69,129 ( 69,129 ) —   —   The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2025: F-102 Table of Contents Fair Values of Derivative Instruments as of December 31, 2025 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ —   $ —   $ —   $ 11,151,121 $ —   $ 11,151,121 ProShares Ultra Euro Foreign currency forward contracts 62,719 —   62,719 29 —   29 ProShares Ultra Gold Swap agreements 28,676,455 —   28,676,455 —   —   —   ProShares Ultra Silver Swap agreements 313,913,258 —   313,913,258 —   —   —   ProShares Ultra Yen Foreign currency forward contracts 1,161 —   1,161 1,183,809 —   1,183,809 ProShares UltraShort Euro Foreign currency forward contracts 7,632 —   7,632 400,006 —   400,006 ProShares UltraShort Gold Swap agreements —   —   —   2,568,196 —   2,568,196 ProShares UltraShort Silver Swap agreements —   —   —   4,320,147 —   4,320,147 ProShares UltraShort Yen Foreign currency forward contracts 955,069 —   955,069 110,834 —   110,834 Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments” F-103 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2025 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank, N.A. $ ( 1,000,501 ) $ —   $ 1,000,501 $ —   Goldman Sachs International ( 4,341,571 ) —   4,341,571 —   Morgan Stanley & Co. International PLC ( 1,318,911 ) 1,318,911 —   —   Societe Generale ( 3,285,599 ) —   3,285,599 —   UBS AG ( 1,204,539 ) —   1,204,539 —   ProShares Ultra Euro Goldman Sachs International 31,315 —   —   31,315 UBS AG 31,375 —   —   31,375 ProShares Ultra Gold Citibank, N.A. 16,272,555 ( 16,272,555 ) —   —   Goldman Sachs International 2,924,937 ( 2,924,937 ) —   —   UBS AG 9,478,963 ( 9,478,963 ) —   —   ProShares Ultra Silver Citibank, N.A. 149,280,584 ( 149,280,584 ) —   —   Goldman Sachs International 10,108,427 ( 10,108,427 ) —   —   Morgan Stanley & Co. International PLC 68,581,771 ( 68,581,771 ) —   —   UBS AG 85,942,476 ( 85,942,476 ) —   —   ProShares Ultra Yen Goldman Sachs International ( 582,024 ) —   582,024 —   UBS AG ( 600,624 ) —   600,624 —   ProShares UltraShort Euro Goldman Sachs International ( 202,439 ) —   202,439 —   UBS AG ( 189,935 ) —   189,935 —   ProShares UltraShort Gold Citibank, N.A. ( 1,863,184 ) —   1,863,184 —   Goldman Sachs International ( 276,649 ) —   276,649 —   UBS AG ( 428,363 ) —   428,363 —   ProShares UltraShort Silver Citibank, N.A. ( 1,454,002 ) —   1,454,002 —   Goldman Sachs International ( 4,490,093 ) —   4,490,093 —   Morgan Stanley & Co. International PLC ( 619,454 ) —   619,454 —   UBS AG 2,243,402 —   —   2,243,402 ProShares UltraShort Yen Goldman Sachs International 435,346 ( 281,679 ) —   153,667 UBS AG 408,889 ( 302,661 ) —   106,228 NOTE 4 –  AGREEMENTS Management Fee Each Leveraged Fund, and each Geared VIX Fund, pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95 % per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85 % per annum of its average daily NAV of such Fund. Each Fund accrues the Management Fee daily at an annualized rate based on its average daily net assets. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, (i) the fees and expenses of the Administrator, Custodian, Transfer Agent, Distributor (as each is defined below), and ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, as well as accounting and auditing fees and expenses, (ii) any Index licensors for the Funds; and (iii) the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations. Fees associated with a Fund’s trading operations may include expenses such as tax preparation expenses, legal fees not in excess of $ 100,000 per annum, ongoing SEC registration fees not exceeding 0.021 % per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10 % per annum of the net assets of a Fund, and report preparation and mailing expenses. F-104 Table of Contents Non-Recurring Fees and Expenses Each Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds. The Administrator BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNY Mellon”), serves as the Administrator of the Funds (the “Administrator”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) in connection therewith. Pursuant to the terms of the Administration and Accounting Agreement and under the supervision and direction of the Sponsor and the Trust, BNY Mellon prepares and files certain regulatory filings on behalf of the Funds. BNY Mellon may also perform other services for the Funds pursuant to the Administration and Accounting Agreement as mutually agreed upon by the Sponsor, the Trust and BNY Mellon from time to time. The Administrator’s fees are paid on behalf of the Funds by the Sponsor. The Custodian BNY Mellon serves as the Custodian of the Funds (the “Custodian”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into a custody agreement (the “Custody Agreement”) in connection therewith. Pursuant to the terms of the Custody Agreement, BNY Mellon is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BNY Mellon by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor. The Transfer Agent BNY Mellon serves as the Transfer Agent of the Funds (the “Transfer Agent”) for entities that have entered into an Authorized Participant Agreement with one or more of the Funds (“Authorized Participants”) and has entered into a transfer agency and service agreement (the “Transfer Agency and Service Agreement”). Pursuant to the terms of the Transfer Agency and Service Agreement, BNY Mellon is responsible for processing purchase and redemption orders and maintaining records of ownership of the Funds. The Transfer Agent Fees are paid on behalf of the Funds by the Sponsor. The Distributor SEI Investments Distribution Co. (“SEI”) serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds. NOTE 5 – INVESTMENTS IN AFFILIATES Certain Funds may invest a portion of their cash balances in the ProShares GENIUS Money Market ETF (the “Affiliated Fund”), an affiliated exchange-traded fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940. The Affiliated Fund is used primarily for cash management and liquidity. Income from the Affiliated Fund is presented as “Dividends from affiliates” in the Statements of Operations, with any related receivable included in “Dividends from affiliates receivable” in the Statements of Financial Condition. The Sponsor has reimbursed the costs for acquired fund fees and expenses related to management fees associated with each Fund’s investment in the Affiliated Fund. These reimbursements are included in Payment from Affiliate on the Statements of Operations. The following table summarizes each Fund’s investment activity in the Affiliated Fund for the period ended March 31, 2026. F-105 Table of Contents Value 12/31/2025 Purchases at Cost Proceeds from Sales Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Value 03/31/2026 Dividend Income Investments in Affiliated Money Market Funds: ProShares Short VIX Short-Term Futures ETF $ —   $ 70,028,000 $ ( 10,009,000 ) $ 18,000 $ 5,000 $ 60,042,000 $ 207,569 ProShares Ultra Bloomberg Crude Oil —   250,204,460 ( 20,010,000 ) ( 39,660 ) ( 16,800 ) 230,138,000 688,820 ProShares Ultra Bloomberg Natural Gas —   140,103,500 —   ( 19,500 ) —   140,084,000 433,333 ProShares Ultra Gold —   520,242,150 ( 180,192,700 ) 102,000 86,550 340,238,000 1,432,237 ProShares Ultra Silver —   800,407,000 ( 395,372,000 ) 121,500 127,000 405,283,500 1,930,707 ProShares Ultra VIX Short-Term Futures ETF —   155,097,500 ( 50,050,800 ) 14,800 12,000 105,073,500 338,001 ProShares Ultra Yen —   16,006,400 —   4,800 —   16,011,200 53,497 ProShares UltraShort Bloomberg Crude Oil —   290,317,420 —   ( 143,420 ) —   290,174,000 681,432 ProShares UltraShort Bloomberg Natural Gas —   140,056,000 ( 60,048,500 ) 16,000 24,500 80,048,000 301,047 ProShares UltraShort Euro —   10,004,000 —   3,000 —   10,007,000 33,436 ProShares UltraShort Gold —   30,012,000 ( 5,003,750 ) 7,500 1,750 25,017,500 83,590 ProShares UltraShort Silver —   110,082,250 ( 100,079,200 ) ( 500 ) 4,450 10,007,000 74,228 ProShares UltraShort Yen —   7,002,800 —   2,100 —   7,004,900 23,405 ProShares VIX Mid-Term Futures ETF —   20,008,000 —   6,000 —   20,014,000 66,872 ProShares VIX Short-Term Futures ETF —   80,032,000 ( 10,008,500 ) 21,000 4,500 70,049,000 247,367 ProShares Trust II: $ —   $ 2,639,603,480 $ ( 830,774,450 ) $ 113,620 $ 248,950 $ 1,809,191,600 $ 6,595,541 NOTE 6 —  CREATION AND REDEMPTION OF CREATION UNITS Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the reverse share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts. Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors. Transaction Fees on Creation and Redemption Transactions The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date. F-106 Table of Contents Authorized Participants may pay a fixed transaction fee (typically $ 250 ) in connection with each order to create or redeem a Creation Unit in order to compensate BNY Mellon, as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10 % (and a variable transaction fee to the Matching VIX Funds of up to 0.05 %) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market. Transaction fees three months ended March 31, 2026 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows: Three Months Ended Fund March 31, 2026 ProShares Short VIX Short-Term Futures ETF $ 21,011 ProShares Ultra Bloomberg Crude Oil —   ProShares Ultra Bloomberg Natural Gas —   ProShares Ultra Euro —   ProShares Ultra Gold —   ProShares Ultra Silver —   ProShares Ultra VIX Short-Term Futures ETF 331,491 ProShares Ultra Yen —   ProShares UltraShort Bloomberg Crude Oil —   ProShares UltraShort Bloomberg Natural Gas —   ProShares UltraShort Euro —   ProShares UltraShort Gold —   ProShares UltraShort Silver —   ProShares UltraShort Yen —   ProShares VIX Mid-Term Futures ETF 9,665 ProShares VIX Short-Term Futures ETF 61,867 Combined Trust: $ 424,034 F-107 Table of Contents NOTE 7 – FINANCIAL HIGHLIGHTS Selected data for a Share outstanding throughout the three months ended March 31, 2026 For the Three Months Ended March 31, 2026 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold Ultra Silver Net asset value, at December 31, 2025 $ 55.48 $ 19.30 $ 22.55 $ 13.17 $ 55.91 $ 155.95 Net investment income (loss) 0.21 0.08 0.07 0.07 0.36 0.66 Net realized and unrealized gain (loss)# ( 9.91 ) 19.41 ( 6.59 ) ( 0.54 ) 4.30 ( 38.94 ) Change in net asset value from operations ( 9.70 ) 19.49 ( 6.52 ) ( 0.47 ) 4.66 ( 38.28 ) Net asset value, at March 31, 2026 $ 45.78 $ 38.79 $ 16.03 $ 12.70 $ 60.57 $ 117.67 Market value per share, at December 31, 2025 † $ 55.38 $ 19.32 $ 22.90 $ 13.16 $ 55.52 $ 155.12 Market value per share, at March 31, 2026 † $ 45.80 $ 39.30 $ 16.12 $ 12.72 $ 61.46 $ 119.51 Total Return, at net asset value^ ( 17.5 )% 101.0 % ( 28.9 )% ( 3.6 )% 8.3 % ( 24.5 )% Total Return, at market value^ ( 17.3 )% 103.4 % ( 29.6 )% ( 3.3 )% 10.7 % ( 23.0 )% Ratios to Average Net Assets** Expense ratio^^ 1.17 % 1.04 % 1.37 % 0.95 % 0.97 % 0.97 % Net investment income gain (loss) 1.60 % 1.17 % 1.55 % 2.05 % 2.12 % 1.55 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended March 31, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-108 Table of Contents For the Three Months Ended March 31, 2026 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold Net asset value, at December 31, 2025 $ 35.86 $ 19.08 $ 19.64 $ 35.79 $ 28.40 $ 25.98 Net investment income (loss) 0.08 0.10 0.05 0.06 0.14 0.09 Net realized and unrealized gain (loss)# 16.16 ( 0.81 ) ( 11.26 ) ( 14.04 ) 1.05 ( 5.58 ) Change in net asset value from operations 16.24 ( 0.71 ) ( 11.21 ) ( 13.98 ) 1.19 ( 5.49 ) Net asset value, at March 31, 2026 $ 52.10 $ 18.37 $ 8.43 $ 21.81 $ 29.59 $ 20.49 Market value per share, at December 31, 2025 † $ 35.93 $ 19.06 $ 19.61 $ 35.27 $ 28.33 $ 26.15 Market value per share, at March 31, 2026 † $ 52.30 $ 18.38 $ 8.32 $ 21.71 $ 29.60 $ 20.18 Total Return, at net asset value^ 45.3 % ( 3.7 )% ( 57.1 )% ( 39.1 )% 4.2 % ( 21.1 )% Total Return, at market value^ 45.6 % ( 3.6 )% ( 57.6 )% ( 38.5 )% 4.5 % ( 22.8 )% Ratios to Average Net Assets** Expense ratio^^ 1.74 % 0.95 % 1.13 % 1.67 % 0.95 % 0.98 % Net investment income gain (loss) 0.84 % 2.05 % 1.87 % 1.13 % 2.01 % 1.79 % ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended March 31, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-109 Table of Contents For the Three Months Ended March 31, 2026 (unaudited) Per Share Operating Performance UltraShort Silver* UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at December 31, 2025 $ 53.23 $ 50.94 $ 15.24 $ 25.73 Net investment income (loss) 0.08 0.26 0.08 0.12 Net realized and unrealized gain (loss)# ( 30.44 ) 1.83 1.89 8.43 Change in net asset value from operations ( 30.36 ) 2.09 1.97 8.55 Net asset value, at March 31, 2026 $ 22.87 $ 53.03 $ 17.21 $ 34.28 Market value per share, at December 31, 2025 † $ 53.40 $ 50.90 $ 15.27 $ 25.64 Market value per share, at March 31, 2026 † $ 22.51 $ 52.98 $ 17.15 $ 34.35 Total Return, at net asset value^ ( 57.0 )% 4.1 % 13.0 % 33.3 % Total Return, at market value^ ( 57.9 )% 4.1 % 12.3 % 34.0 % Ratios to Average Net Assets** Expense ratio^^ 1.00 % 0.95 % 0.97 % 1.06 % Net investment income gain (loss) 1.27 % 2.06 % 2.03 % 1.80 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended March 31, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-110 Table of Contents Selected Data for a Share Outstanding Throughout the Three months Ended March 31, 2025 For the Three Months Ended March 31, 2025 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold* Ultra Silver Net asset value, at December 31, 2024 $ 50.03 $ 27.49 $ 54.84 $ 10.46 $ 23.36 $ 33.56 Net investment income (loss) 0.30 0.16 0.42 0.07 0.21 0.28 Net realized and unrealized gain (loss)# ( 4.54 ) ( 0.52 ) 30.03 0.83 8.47 11.90 Change in net asset value from operations ( 4.24 ) ( 0.36 ) 30.45 0.90 8.68 12.18 Net asset value, at March 31, 2025 $ 45.79 $ 27.13 $ 85.29 $ 11.36 $ 32.04 $ 45.74 Market value per share, at December 31, 2024 † $ 50.06 $ 27.50 $ 55.82 $ 10.45 $ 23.37 $ 33.67 Market value per share, at March 31, 2025 † $ 45.76 $ 27.06 $ 85.76 $ 11.38 $ 32.18 $ 46.16 Total Return, at net asset value^ ( 8.5 )% ( 1.3 )% 55.5 % 8.6 % 37.2 % 36.3 % Total Return, at market value^ ( 8.6 )% ( 1.6 )% 53.6 % 8.9 % 37.7 % 37.1 % Ratios to Average Net Assets** Expense ratio^^ 1.21 % 1.00 % 1.46 % 0.95 % 0.97 % 0.98 % Net investment income gain (loss) 2.48 % 2.46 % 2.46 % 2.71 % 3.14 % 2.79 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended March 31, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-111 Table of Contents For the Three Months Ended March 31, 2025 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF* Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold* Net asset value, at December 31, 2024 $ 103.86 $ 20.23 $ 16.93 $ 43.61 $ 34.91 $ 70.22 Net investment income (loss) 0.30 0.14 0.11 0.15 0.23 0.37 Net realized and unrealized gain (loss)# 13.06 1.53 ( 0.30 ) ( 24.06 ) ( 2.84 ) ( 19.70 ) Change in net asset value from operations 13.36 1.67 ( 0.19 ) ( 23.91 ) ( 2.61 ) ( 19.33 ) Net asset value, at March 31, 2025 $ 117.22 $ 21.90 $ 16.74 $ 19.70 $ 32.30 $ 50.89 Market value per share, at December 31, 2024 † $ 103.60 $ 20.35 $ 16.92 $ 42.74 $ 34.92 $ 70.32 Market value per share, at March 31, 2025 † $ 117.15 $ 21.89 $ 16.76 $ 19.57 $ 32.27 $ 50.68 Total Return, at net asset value^ 12.9 % 8.3 % ( 1.1 )% ( 54.8 )% ( 7.5 )% ( 27.5 )% Total Return, at market value^ 13.1 % 7.6 % ( 1.0 )% ( 54.2 )% ( 7.6 )% ( 27.9 )% Ratios to Average Net Assets** Expense ratio^^ 2.06 % 0.95 % 1.07 % 1.43 % 0.95 % 0.98 % Net investment income gain (loss) 1.22 % 2.71 % 2.75 % 2.45 % 2.73 % 2.51 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended March 31, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-112 Table of Contents For the Three Months Ended March 31, 2025 (unaudited) Per Share Operating Performance UltraShort Silver* UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at December 31, 2024 $ 423.96 $ 47.66 $ 14.51 $ 45.05 Net investment income (loss) 1.46 0.31 0.10 0.25 Net realized and unrealized gain (loss)# ( 129.38 ) ( 3.68 ) 1.23 4.99 Change in net asset value from operations ( 127.92 ) ( 3.37 ) 1.33 5.24 Net asset value, at March 31, 2025 $ 296.04 $ 44.29 $ 15.84 $ 50.29 Market value per share, at December 31, 2024 † $ 420.00 $ 46.68 $ 14.46 $ 45.02 Market value per share, at March 31, 2025 † $ 293.30 $ 44.30 $ 15.85 $ 50.26 Total Return, at net asset value^ ( 30.2 )% ( 7.1 )% 9.2 % 11.6 % Total Return, at market value^ ( 30.2 )% ( 5.1 )% 9.6 % 11.6 % Ratios to Average Net Assets** Expense ratio^^ 1.02 % 0.95 % 1.06 % 1.40 % Net investment income gain (loss) 1.74 % 2.73 % 2.68 % 2.22 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended March 31, 2025. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-113 Table of Contents NOTE 8 – RISK Correlation and Holding Period Risk Each of the Geared Funds is “geared” which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark (referred to as the “Daily Target”). The Geared Funds do not seek to achieve their Daily Target for any period of time other than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark for the same period. This difference may be significant. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Geared Fund to differ from the Geared Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Geared Fund is held and the volatility of the benchmark during the holding period of an investment in the Geared Fund. The return of a Geared Fund for periods longer than a day is the product of a series of daily leveraged returns for each trading day during that period. If you hold Geared Fund shares for any period other than a day, it is important for you to understand the risks and long-term performance of a daily objective fund. You should know that over your holding period: • Your return may be higher or lower than the Daily Target, and this difference may be significant. • Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply. • Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply. • The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target. For periods longer than a day, you will lose money if the Benchmark’s performance is flat. It is possible that you will lose money invested in a Short or UltraShort Fund even if the value of the Benchmark falls during that period or money invested in an Ultra Fund even if the value of the Benchmark rises during that period. Returns may move in the opposite direction of the Benchmark during periods of higher Benchmark volatility, low Benchmark returns, or both. In addition, during periods of higher Benchmark volatility, the Benchmark volatility may affect your return as much or more than the return of the Benchmark. Each Ultra and UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra with a 1.5x or 2x multiple should be approximately one and one-half or two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of an UltraShort Fund is designed to return two times the inverse (-2x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund performance. Shareholders who invest in the Geared Funds should consider actively monitoring and/or periodically rebalancing their investments (which will possibly trigger transaction costs and tax consequences) in light of their investment goals and risk tolerances. The Matching VIX Funds seek to achieve their stated investment objective over time. F-114 Table of Contents While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark; (12) large movements of assets into and/or out of a Fund, particularly late in the day; (13) significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity that cause the Fund to approach or reach position or accountability limits or other portfolio limits; and (14) events such as natural disasters (including disease, epidemics and pandemics) that can be highly disruptive to economies, markets and companies including, but not limited to, the Sponsor and third party service providers. A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. The target amount of portfolio exposure is impacted dynamically by a benchmark’s movements, including intraday movements. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -2x, 1.5x, or 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day. Each Geared Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Geared Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to its benchmark that is significantly greater or less than its stated multiple. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks. Counterparty Risk Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to in this Counterparty Risk section as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks. Regulatory Treatment Derivatives are generally traded in OTC markets and are subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities). Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place. The CFTC requirements include rules for some of the types of derivatives transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions. F-115 Table of Contents As noted, all of the relevant CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants. Counterparty Credit Risk The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline. The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions. OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day. In addition, cleared derivatives benefit from daily mark-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a futures commission merchant in cleared swaps customer accounts, which are required by CFTC regulations to be separate from the futures commission merchant’s proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of futures customer segregated funds, under which the clearing house may access all of the commingled futures customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. Bilateral OTC derivatives expose the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. F-116 Table of Contents The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com. Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law. The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund. Leverage Risk The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day. For example, because the UltraShort Funds and Ultra Funds (except for the Ultra VIX Short-Term Futures ETF which includes a one and one-half times (1.5x) multiplier) include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50 % at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund, even if the underlying benchmark maintains a level greater than zero at all times. Liquidity Risk Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated. “Contango” and “Backwardation” Risk In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2022 may specify a January 2023 expiration. As that contract nears expiration, it may be replaced by selling the January 2023 contract and purchasing the contract expiring in March 2023. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2023 contract would take place at a price that is higher than the price at which the March 2023 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund or an UltraShort Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Fund and UltraShort Funds, and positively affect the Ultra Funds and Matching VIX Funds. Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds. F-117 Table of Contents Gold and silver have historically exhibited persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly. There have been times where WTI crude oil futures contracts experience “extraordinary contango or extraordinary backwardation”. For example, in April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. In the summer of 2022, the market for crude oil futures contracts experienced a period of extreme backwardation, but normalized towards the end of the year. The futures contracts held by the Funds may experience a period of extraordinary contango or backwardation in the future. If all or a significant portion of the futures contracts held by an Ultra Fund at a future date were to reach a negative price, investors in such Fund could lose their entire investment. Conversely, investors in an UltraShort Fund could suffer significant losses or lose their entire investment if prices reversed or were subject to extraordinary backwardation. The effects of rolling futures contracts under extraordinary contango or backwardation market conditions generally are more exaggerated than rolling futures contracts under more typical contango or backwardation market conditions. Either scenario may result in significant losses. Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective. On May 4, 2020, CME imposed a more restrictive position limit in September 2020 WTI oil futures contracts with respect to the Oil Funds. In response to CME’s imposition of a more restrictive position limit, global developments, and other factors, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. In early July 2020, in anticipation of the roll of the Oil Funds’ benchmark, and in order to help manage the impact of recent extraordinary conditions and volatility in the markets for crude oil and related Financial Instruments, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. Natural Disasters and Public Health Disruptions, May Have a Significant Negative Impact on the Performance of Each Fund. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), have been and may continue to be highly disruptive to economies and markets. These conditions have led, and could lead, to increased or extreme market volatility, illiquidity and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures. For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance or make it difficult, or impossible, for a Fund to achieve its investment objective. Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses. Further, Fund counterparties may close out positions with the Funds without notice, at unfavorable times or unfavorable prices, or may choose to transaction on a more limited basis (or not at all). In such cases, it may be difficult or impossible for a Fund to achieve the desired investment exposure with its investment objective. These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market. F-118 Table of Contents Additionally, geopolitical conflict, including, war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, the Israel-Hamas conflict, the Houthi movement’s attacks on marine vessels in the Red Sea, and the expansion of such conflicts in surrounding areas), sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, changes in U.S. government policy or agency staffing or agency reorganizations, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly. Risks Related to Trade Disputes May Negatively Affect Each Fund. Global economies are interdependent and may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services produced by such countries. To the extent a country engages in retaliatory tariffs, a company that relies on imported parts to produce its own goods may experience increased costs of production or reduced profitability, which may affect consumers, investors and the domestic economy. Trade disputes and retaliatory actions may include embargoes and other trade limitations, which may trigger a significant reduction in international trade and impact the global economy. Trade disputes may also lead to increased currency exchange rate volatility, which can adversely affect the prices of the Fund securities valued in U.S. dollars. The potential threat of trade disputes may also negatively affect investor confidence in the markets generally and investment growth. Risk of Government Regulation The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products”—which could include the leveraged and inverse leveraged funds offered by ProShares. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy Shares in the Funds. NOTE 9 – SUBSEQUENT EVENTS Management has evaluated the possibility of subsequent events existing in the Trust’s and the Funds’ financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Trust’s or the Funds’ financial statements through this date. F-119 Table of Contents Table of Contents Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q for the period ended March 31, 2026, 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 May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On November 4, 2025, the Trust issued a press release announcing a reverse share split on ProShares Ultra VIX Short-Term Futures and ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares and ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on November 20, 2025, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y680 for UVXY), (74347Y698 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On February 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares UltraShort Silver. The Reverse Split did not change the value of a shareholder’s investment. ProShares UltraShort Silver executed a 1:10 Reverse Split of its shares. The Reverse Split was effective at the market open on February 26, 2026, when the Fund began trading at its post-Reverse Split price. ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y672 for ZSL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. * See Note 1 of the Notes to Financial Statements in Item 15 of part IV in this Annual Report on Form 10-K. 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, exchange traded 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 2 Table of Contents Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three months ended March 31, 2026 and 2025, each of the Funds earned interest income as follows: Fund Interest Income Three Months Ended March 31, 2026 Interest Income Three Months Ended March 31, 2025 ProShares Short VIX Short-Term Futures ETF $ 1,222,045 $ 2,155,917 ProShares Ultra Bloomberg Crude Oil 1,918,502 3,505,104 ProShares Ultra Bloomberg Natural Gas 2,773,682 2,901,053 ProShares Ultra Euro 46,841 45,472 ProShares Ultra Gold 8,089,763 3,738,547 ProShares Ultra Silver 14,569,223 6,019,905 ProShares Ultra VIX Short-Term Futures ETF 1,975,585 2,887,526 ProShares Ultra Yen 300,576 528,121 ProShares UltraShort Bloomberg Crude Oil 1,331,795 1,934,823 ProShares UltraShort Bloomberg Natural Gas 1,812,716 4,443,450 ProShares UltraShort Euro 220,113 348,055 ProShares UltraShort Gold 570,176 212,707 ProShares UltraShort Silver 1,252,032 177,855 ProShares UltraShort Yen 211,339 208,973 ProShares VIX Mid-Term Futures ETF 392,812 281,099 ProShares VIX Short-Term Futures ETF 1,325,029 1,562,298 During the three months ended March 31, 2026 and 2025, each of the Funds earned dividend income from affiliated investments as follows: Fund Dividend Income Three Months Ended March 31, 2026 Dividend Income Three Months Ended March 31, 2025 ProShares Short VIX Short-Term Futures ETF $ 207,569 —  ProShares Ultra Bloomberg Crude Oil 688,820 —  ProShares Ultra Bloomberg Natural Gas 433,333 —  ProShares Ultra Gold 1,432,237 —  ProShares Ultra Silver 1,930,707 —  ProShares Ultra VIX Short-Term Futures ETF 338,101 —  ProShares Ultra Yen 53,497 —  ProShares UltraShort Bloomberg Crude Oil 681,432 —  ProShares UltraShort Bloomberg Natural Gas 301,047 —  ProShares UltraShort Euro 33,436 —  ProShares UltraShort Gold 83,590 —  ProShares UltraShort Silver 74,228 —  ProShares UltraShort Yen 23,405 —  ProShares VIX Mid-Term Futures ETF 66,872 —  ProShares VIX Short-Term Futures ETF 247,367 —  Each Fund’s underlying swaps, futures, options, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions. Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person. The large size of the positions in which a Fund may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Investments related to one benchmark, which in many cases is highly concentrated. Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). 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. 3 Table of Contents Credit Risk When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions. Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to a Fund. Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank. Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards. Thus, prior to settlement, if the counterparty to a forward contract defaults, a Fund’s risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any. However, if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used. The Sponsor attempts to minimize certain of these market and credit risks by normally: • executing and clearing trades with creditworthy counterparties, as determined by the Sponsor; • limiting the outstanding amounts due from counterparties to the Funds; • not posting margin directly with a counterparty; • requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds; • limiting the amount of margin or premium posted at a FCM; and • ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for. Off-Balance Sheet Arrangements and Contractual Obligations As of May 4, 2026, 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. 4 Table of Contents 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 March 31, 2026. 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. Exchange traded funds are generally valued at the closing price, if available, or at the last sale price. 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 the amortization of discount on short-term U.S. government and agency obligations. Interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or segregated cash balances with brokers. Dividend income is recognized on an ex-dividend date basis. Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively. Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions in VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually. 5 Table of Contents Results of Operations for the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025 ProShares Short VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 242,351,037 $ 266,090,233 NAV end of period $ 183,969,223 $ 232,107,856 Percentage change in NAV (24.1 )% (12.8 )% Shares outstanding beginning of period 4,368,614 5,318,614 Shares outstanding end of period 4,018,614 5,068,614 Percentage change in shares outstanding (8.0 )% (4.7 )% Shares created 500,000 2,250,000 Shares redeemed 850,000 2,500,000 Per share NAV beginning of period $ 55.48 $ 50.03 Per share NAV end of period $ 45.78 $ 45.79 Percentage change in per share NAV (17.5 )% (8.5 )% Percentage change in benchmark 34.0 % 12.4 % Benchmark annualized volatility 77.5 % 69.4 % During the three months ended March 31, 2026, 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-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV also resulted in part from a decrease from 4,368,614 outstanding Shares at December 31, 2025 to 4,018,614 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 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 one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV also resulted in part from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 5,068,614 outstanding Shares at March 31, 2025. For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 17.5% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 8.5% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s rise of 34.0% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 12.4% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2026. 6 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 826,021 $ 1,447,619 Management fee 489,767 555,389 Brokerage commission 99,968 127,212 Futures account fees 13,858 25,697 Net realized gain (loss) (18,690,411 ) (17,636,853 ) Change in net unrealized appreciation (depreciation) (18,992,048 ) (242,938 ) Net Income (loss) $ (36,856,438 ) $ (16,432,172 ) The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2026. ProShares Ultra Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 383,037,987 $ 523,420,064 NAV end of period $ 602,898,547 $ 432,463,827 Percentage change in NAV 57.4 % (17.4 )% Shares outstanding beginning of period 19,843,096 19,043,096 Shares outstanding end of period 15,543,096 15,943,096 Percentage change in shares outstanding (21.7 )% (16.3 )% Shares created 15,350,000 5,700,000 Shares redeemed 19,650,000 8,800,000 Per share NAV beginning of period $ 19.30 $ 27.49 Per share NAV end of period $ 38.79 $ 27.13 Percentage change in per share NAV 101.0 % (1.3 )% Percentage change in benchmark 44.4 % (0.5 )% Benchmark annualized volatility 38.7 % 19.6 % During the three months ended March 31, 2026, 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 Commodity Balanced WTI Crude Oil Index SM . The increase in the Fund’s NAV was offset by a decrease from 19,843,096 outstanding Shares at December 31, 2025 to 15,543,096 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 15,943,096 outstanding Shares at March 31, 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 Bloomberg Commodity Balanced WTI Crude Oil Index SM . For the three months ended March 31, 2026 and 2025, 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 101.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 1.3% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. 7 Table of Contents The benchmark’s rise of 44.4% for the three months ended March 31, 2026, as compared to the benchmark’s decline of 0.5% for the three months ended March 31, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended March 31, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 1,378,415 $ 2,493,623 Management fee 1,118,708 964,913 Brokerage commission 110,199 46,568 Net realized gain (loss) 223,004,476 15,516,861 Change in net unrealized appreciation (depreciation) 123,814,981 (464,350 ) Net Income (loss) $ 348,197,872 $ 17,546,134 The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to an increase in the value of WTI Crude Oil during the three months ended March 31, 2026. 8 Table of Contents ProShares Ultra Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 534,978,667 $ 396,081,499 NAV end of period $ 378,628,694 $ 232,237,503 Percentage change in NAV (29.2 )% (41.4 )% Shares outstanding beginning of period 23,723,047 7,223,047 Shares outstanding end of period 23,623,047 2,723,047 Percentage change in shares outstanding (0.4 )% (62.3 )% Shares created 53,500,000 5,300,000 Shares redeemed 53,600,000 9,800,000 Per share NAV beginning of period $ 22.55 $ 54.84 Per share NAV end of period $ 16.03 $ 85.29 Percentage change in per share NAV (28.9 )% 55.5 % Percentage change in benchmark (4.2 )% 31.4 % Benchmark annualized volatility 90.6 % 61.6 % During the three months ended March 31, 2026, 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 also resulted in part from a decrease from 23,723,047 outstanding Shares at December 31, 2025 to 23,623,047 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,223,047 outstanding Shares at December 31, 2024 to 2,723,047 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . For the three months ended March 31, 2026 and 2025, 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 28.9% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 55.5% for the three months ended March 31, 2025, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s decline of 4.2% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 31.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2026. 9 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 1,703,488 $ 1,817,307 Management fee 1,043,751 703,053 Brokerage commission 412,561 282,155 Futures account fees 47,215 98,538 Net realized gain (loss) 72,406,103 222,605,228 Change in net unrealized appreciation (depreciation) 105,773,979 (42,138,893 ) Net Income (loss) $ 179,883,570 $ 182,283,642 The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2026. ProShares Ultra Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 5,925,856 $ 5,751,156 NAV end of period $ 6,347,565 $ 5,111,473 Percentage change in NAV 7.1 % (11.1 )% Shares outstanding beginning of period 450,000 550,000 Shares outstanding end of period 500,000 450,000 Percentage change in shares outstanding 11.1 % (18.2 )% Shares created 50,000 —  Shares redeemed —  100,000 Per share NAV beginning of period $ 13.17 $ 10.46 Per share NAV end of period $ 12.70 $ 11.36 Percentage change in per share NAV (3.6 )% 8.6 % Percentage change in benchmark (1.6 )% 4.4 % Benchmark annualized volatility 7.4 % 8.9 % During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at December 31, 2025 to 500,000 outstanding Shares at March 31, 2026. 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 euro versus the U.S. dollar. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 550,000 outstanding Shares at December 31, 2024 to 450,000 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. For the three months ended March 31, 2026 and 2025, 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 3.6% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 8.6% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. 10 Table of Contents The benchmark’s decline of 1.6% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended March 31, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 32,032 $ 33,660 Management fee 14,809 11,812 Net realized gain (loss) (179,642 ) 160,517 Change in net unrealized appreciation (depreciation) (110,538 ) 194,877 Net Income (loss) $ (258,148 ) $ 389,054 The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the euro versus the U.S. dollar during the three months ended March 31, 2026. 11 Table of Contents ProShares Ultra Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 1,014,686,941 $ 289,709,332 NAV end of period $ 1,053,863,221 $ 480,619,425 Percentage change in NAV 3.9 % 65.9 % Shares outstanding beginning of period 18,150,000 12,400,000 Shares outstanding end of period 17,400,000 15,000,000 Percentage change in shares outstanding (4.1 )% 21.0 % Shares created 6,150,000 3,400,000 Shares redeemed 6,900,000 800,000 Per share NAV beginning of period $ 55.91 $ 23.36 Per share NAV end of period $ 60.57 $ 32.04 Percentage change in per share NAV 8.3 % 37.2 % Percentage change in benchmark 7.1 % 18.2 % Benchmark annualized volatility 41.4 % 13.6 % During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Fund’s NAV was offset by a decrease from 18,150,000 outstanding Shares at December 31, 2025 to 17,400,000 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 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 15,000,000 outstanding Shares at March 31, 2025. For the three months ended March 31, 2026 and 2025, 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 8.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 37.2% for the three months ended March 31, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s rise of 7.1% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.2% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of gold futures contracts during the period ended March 31, 2026. 12 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 6,537,921 $ 2,855,659 Management fee 2,929,923 863,544 Brokerage commission 54,156 19,344 Net realized gain (loss) 228,852,662 58,428,586 Change in net unrealized appreciation (depreciation) (135,627,267 ) 56,024,718 Net Income (loss) $ 99,763,316 $ 117,308,963 The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in future prices, during the three months ended March 31, 2026. * See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 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 March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 2,237,285,267 $ 562,083,293 NAV end of period $ 1,852,945,623 $ 717,992,459 Percentage change in NAV (17.2 )% 27.7 % Shares outstanding beginning of period 14,346,526 16,746,526 Shares outstanding end of period 15,746,526 15,696,526 Percentage change in shares outstanding 9.8 % (6.3 )% Shares created 12,150,000 4,850,000 Shares redeemed 10,750,000 5,900,000 Per share NAV beginning of period $ 155.95 $ 33.56 Per share NAV end of period $ 117.67 $ 45.74 Percentage change in per share NAV (24.5 )% 36.3 % Percentage change in benchmark 6.3 % 18.5 % Benchmark annualized volatility 103.0 % 24.6 % During the three months ended March 31, 2026, 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 Silver Subindex SM . The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at December 31, 2025 to 15,746,526 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,696,526 outstanding Shares at March 31, 2025. For the three months ended March 31, 2026 and 2025, 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 24.5% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 36.3% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. 13 Table of Contents The benchmark’s rise of 6.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.5% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of silver futures contracts during the period ended March 31, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 10,158,403 $ 4,456,894 Management fee 6,234,079 1,516,455 Brokerage commission 107,448 46,556 Net realized gain (loss) 359,555,040 54,710,787 Change in net unrealized appreciation (depreciation) (719,392,588 ) 139,277,471 Net Income (loss) $ (349,679,145 ) $ 198,445,152 The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in the value of futures prices, in conjunction with timing of shareholder activity during the three months ended March 31, 2026. 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 March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 400,406,136 $ 284,452,060 NAV end of period $ 295,275,255 $ 323,381,943 Percentage change in NAV (26.3 )% 13.7 % Shares outstanding beginning of period 11,167,347 2,738,729 Shares outstanding end of period 5,667,347 2,758,729 Percentage change in shares outstanding (49.3 )% 0.7 % Shares created 10,600,000 9,070,000 Shares redeemed 16,100,000 9,050,000 Per share NAV beginning of period $ 35.86 $ 103.86 Per share NAV end of period $ 52.10 $ 117.22 Percentage change in per share NAV 45.3 % 12.9 % Percentage change in benchmark 34.0 % 12.4 % Benchmark annualized volatility 77.5 % 69.4 % During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,167,347 outstanding Shares at December 31, 2025 to 5,667,347 outstanding Shares at March 31, 2026. 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 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 March 31, 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 one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV also resulted in part from an increase from 2,738,729 outstanding Shares at December 31, 2024 to 2,758,729 outstanding Shares at March 31, 2025. For the three months ended March 31, 2026 and 2025, 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 increase of 45.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 12.9% for the three months ended March 31, 2025, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s rise of 34.0% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 12.4% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 752,730 $ 1,076,597 Management fee 853,358 836,310 Brokerage commission 638,333 887,712 Futures account fees 69,165 86,907 Net realized gain (loss) 76,025,723 99,921,387 Change in net unrealized appreciation (depreciation) 80,039,399 19,633,361 Net Income (loss) $ 156,817,852 $ 120,631,345 The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2026. * See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF. 15 Table of Contents ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 48,665,350 $ 44,505,646 NAV end of period $ 45,015,244 $ 61,327,343 Percentage change in NAV (7.5 )% 37.8 % Shares outstanding beginning of period 2,549,970 2,199,970 Shares outstanding end of period 2,449,970 2,799,970 Percentage change in shares outstanding (3.9 )% 27.3 % Shares created 150,000 900,000 Shares redeemed 250,000 300,000 Per share NAV beginning of period $ 19.08 $ 20.23 Per share NAV end of period $ 18.37 $ 21.90 Percentage change in per share NAV (3.7 )% 8.3 % Percentage change in benchmark (1.3 )% 4.9 % Benchmark annualized volatility 8.9 % 8.5 % During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,549,970 outstanding Shares at December 31, 2025 to 2,449,970 outstanding Shares at March 31, 2026. 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 (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,799,970 outstanding Shares at March 31, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. For the three months ended March 31, 2026 and 2025, 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 3.7% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 8.3% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s decline of 1.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.9% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended March 31, 2026. 16 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 241,770 $ 391,107 Management fee 112,303 137,014 Net realized gain (loss) (2,918,193 ) 1,642,642 Change in net unrealized appreciation (depreciation) 933,536 2,667,939 Net Income (loss) $ (1,742,887 ) $ 4,701,688 The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the Japanese yen versus the U.S. dollar, during the three months ended March 31, 2026. ProShares UltraShort Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 89,466,390 $ 121,997,334 NAV end of period $ 989,256,741 $ 179,185,227 Percentage change in NAV 1,005.7 % 46.9 % Shares outstanding beginning of period 4,555,220 7,205,220 Shares outstanding end of period 117,305,220 10,705,220 Percentage change in shares outstanding 2,475.2 % 48.6 % Shares created 135,500,000 10,100,000 Shares redeemed 22,750,000 6,600,000 Per share NAV beginning of period $ 19.64 $ 16.93 Per share NAV end of period $ 8.43 $ 16.74 Percentage change in per share NAV (57.1 )% (1.1 )% Percentage change in benchmark 44.4 % (0.5 )% Benchmark annualized volatility 38.7 % 19.6 % During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 4,555,220 outstanding Shares at December 31, 2025 to 117,305,220 outstanding Shares at March 31, 2026. 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 Commodity Balanced WTI Crude Oil Index SM . By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,205,220 outstanding Shares at December 31, 2024 to 10,705,220 outstanding Shares at March 31, 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 Commodity Balanced WTI Crude Oil Index SM . For the three months ended March 31, 2026 and 2025, 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 57.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 1.1% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. 17 Table of Contents The benchmark’s rise of 44.4% for the three months ended March 31, 2026, as compared to the benchmark’s decline of 0.5% for the three months ended March 31, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended March 31, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 1,255,630 $ 1,392,723 Management fee 638,171 481,324 Brokerage commission 119,426 60,776 Net realized gain (loss) (96,836,180 ) 8,933,899 Change in net unrealized appreciation (depreciation) (57,023,841 ) 3,484,550 Net Income (loss) $ (152,604,391 ) $ 13,811,172 The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to an increase in the value of WTI Crude Oil, during the three months ended March 31, 2026. 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 March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 144,377,091 $ 260,940,143 NAV end of period $ 206,828,508 $ 573,853,468 Percentage change in NAV 43.3 % 119.9 % Shares outstanding beginning of period 4,033,712 5,983,712 Shares outstanding end of period 9,483,712 29,133,712 Percentage change in shares outstanding 135.1 % 386.9 % Shares created 65,100,000 47,000,000 Shares redeemed 59,650,000 23,850,000 Per share NAV beginning of period $ 35.79 $ 43.61 Per share NAV end of period $ 21.81 $ 19.70 Percentage change in per share NAV (39.1 )% (54.8 )% Percentage change in benchmark (4.2 )% 31.4 % Benchmark annualized volatility 90.6 % 61.6 % During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 4,033,712 outstanding Shares at December 31, 2025 to 9,483,712 outstanding Shares at March 31, 2026. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM . By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 29,133,712 outstanding Shares at March 31, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM . For the three months ended March 31, 2026 and 2025, 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 39.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 54.8% for the three months ended March 31, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s decline of 4.2% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 31.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2026. 19 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 852,742 $ 2,805,691 Management fee 717,122 1,087,219 Brokerage commission 515,434 504,500 Futures account fees 28,465 46,040 Net realized gain (loss) 179,884,405 (221,827,712 ) Change in net unrealized appreciation (depreciation) (11,890,582 ) (14,598,037 ) Net Income (loss) $ 168,846,565 $ (233,620,058 ) The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2026. ProShares UltraShort Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 35,498,605 $ 41,892,674 NAV end of period $ 36,987,692 $ 33,912,850 Percentage change in NAV 4.2 % (19.0 )% Shares outstanding beginning of period 1,250,000 1,200,000 Shares outstanding end of period 1,250,000 1,050,000 Percentage change in shares outstanding —  % (12.5 )% Shares created 100,000 50,000 Shares redeemed 100,000 200,000 Per share NAV beginning of period $ 28.40 $ 34.91 Per share NAV end of period $ 29.59 $ 32.30 Percentage change in per share NAV 4.2 % (7.5 )% Percentage change in benchmark (1.6 )% 4.4 % Benchmark annualized volatility 7.4 % 8.9 % During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2025 to March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,050,000 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. For the three months ended March 31, 2026 and 2025, 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 4.2% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 7.5% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s decline of 1.6% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended March 31, 2026. 20 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 172,276 $ 258,107 Management fee 81,273 89,948 Net realized gain (loss) 612,886 (1,630,953 ) Change in net unrealized appreciation (depreciation) 605,796 (1,344,718 ) Net Income (loss) $ 1,390,958 $ (2,717,564 ) The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended March 31, 2026. 21 Table of Contents ProShares UltraShort Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 81,475,214 $ 16,624,428 NAV end of period $ 118,571,176 $ 45,122,935 Percentage change in NAV 45.5 % 171.4 % Shares outstanding beginning of period 3,136,631 236,744 Shares outstanding end of period 5,786,631 886,744 Percentage change in shares outstanding 84.5 % 274.6 % Shares created 10,850,000 750,000 Shares redeemed 8,200,000 100,000 Per share NAV beginning of period $ 25.98 $ 70.22 Per share NAV end of period $ 20.49 $ 50.89 Percentage change in per share NAV (21.1 )% (27.5 )% Percentage change in benchmark 7.1 % 18.2 % Benchmark annualized volatility 41.4 % 13.6 % During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,136,631 outstanding Shares at December 31, 2025 to 5,786,631 outstanding Shares at March 31, 2026. 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 three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 236,744 outstanding Shares at December 31, 2024 to 886,744 outstanding Shares at March 31, 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 . For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 21.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 27.5% for the three months ended March 31, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. The benchmark’s rise of 7.1% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.2% for the three months ended March 31, 2025, can be attributed to a lesser increase increase in the value of gold futures contracts during the period ended March 31, 2026. 22 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 422,734 $ 152,848 Management fee 223,987 57,780 Brokerage commission 7,045 2,079 Net realized gain (loss) (15,033,153 ) (3,442,604 ) Change in net unrealized appreciation (depreciation) 13,282,845 (4,325,716 ) Net Income (loss) $ (1,327,574 ) $ (7,615,472 ) The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in the value of the futures prices during the three months ended March 31, 2026. * See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 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 March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 NAV beginning of period $ 197,022,578 $ 23,752,619 NAV end of period $ 141,592,802 $ 32,867,619 Percentage change in NAV (28.1 )% 38.4 % Shares outstanding beginning of period 3,701,026 56,026 Shares outstanding end of period 6,190,818 111,026 Percentage change in shares outstanding 67.3 % 98.2 % Shares created 50,840,000 115,000 Shares redeemed 48,350,208 60,000 Per share NAV beginning of period $ 53.23 $ 423.96 Per share NAV end of period $ 22.87 $ 296.04 Percentage change in per share NAV (57.0 )% (30.2 )% Percentage change in benchmark 6.3 % 18.5 % Benchmark annualized volatility 103.0 % 24.6 % During the three months ended March 31, 2026, 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 3,701,026 outstanding Shares at December 31, 2025 to 6,190,818 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 56,026 outstanding Shares at December 31, 2024 to 111,026 outstanding Shares at March 31, 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 . For the three months ended March 31, 2026 and 2025, 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 57.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 30.2% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026. 23 Table of Contents The benchmark’s rise of 6.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.5% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of the silver futures contracts during the period ended March 31, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net investment income (loss) $ 743,614 $ 112,155 Management fee 554,744 61,371 Brokerage commission