What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 745 added, 736 removed, 2699 unchanged (35% of the section changed)

21 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 34,940,141 and $ 59,898,070 , respectively)

Affiliated investments (cost $ 60,024,000 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

12 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

5 unchanged sentences

3.721 % due 04/30/26

4.140 % due 11/04/25

Total short-term U.S.

1 unchanged sentence

(cost $ 34,940,141 )

Affiliated Investments

Exchange Traded Fund

( 33 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 60,024,000 )

Total Investments in Securities

(cost $ 94,964,141 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

VIX Futures - Cboe, expires April 2026

VIX Futures - Cboe, expires May 2026

Affiliated company as defined under the Investment Company Act of 1940.

Represents 7-day

effective yield as of March 31, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

Brokerage commissions

Futures account fees

Futures accounts fees

Total expenses

3 unchanged sentences

Futures contracts

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

3 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

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

500,000 and 2,250,000

shares, respectively

Redemption of 850,000

and 12,950,000 shares, respectively

( 489,475,550

( 780,751,128

and 2,500,000

shares, respectively

( 123,933,194

Net addition (redemption) of ( 1,800,000 ), 2,400,000 , ( 550,000 ) and 2,100,000 shares, respectively

Net addition (redemption) of ( 350,000

) and ( 250,000

) shares, respectively

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

7 unchanged sentences

government and agency obligations

Cost of affiliated investments purchased

Proceeds from affiliated investments sold

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

7 unchanged sentences

( 123,933,194

( 672,150,015

Net cash provided by (used in) financing activities

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 209,066,935 and $ 149,544,793 , respectively)

Affiliated investments (cost $ 230,177,660 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

1 unchanged sentence

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

15 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

7 unchanged sentences

3.832 % due 05/07/26 †

3.698 % due 06/25/26 †

Total short-term U.S.

1 unchanged sentence

(cost $ 209,066,935 )

Affiliated Investments

Exchange Traded Fund

( 38 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 230,177,660 )

Total Investments in Securities

(cost $ 439,244,595 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires December 2025

WTI Crude Oil - NYMEX, expires June 2026

WTI Crude Oil - NYMEX, expires December 2026

WTI Crude Oil - Need Exch, expires June 2027

Total Return Swap Agreements ^

8 unchanged sentences

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

Total Unrealized Appreciation

Total Unrealized Depreciation

Affiliated company as defined under the Investment Company Act of 1940.

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 September 30, 2025.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

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

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.

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

6 unchanged sentences

Swap agreements

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

4 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 125,867,824

Net income (loss)

( 121,125,079

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

3 unchanged sentences

( 254,017,509

( 561,922,476

( 798,465,439

Net addition (redemption) of ( 4,300,000 ) and ( 3,100,000 ) shares, respectively

5 unchanged sentences

Net income (loss)

( 121,125,079

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

7 unchanged sentences

government and agency obligations

Cost of affiliated investments purchased

( 250,204,460

Proceeds from affiliated investments sold

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

Increase (Decrease) in payable to Sponsor

Increase (Decrease) in brokerage commissions and futures account fees payable

Increase (Decrease) in payable on open futures contracts

7 unchanged sentences

( 111,837,618

( 105,825,726

Net increase (decrease) in cash

6 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 79,900,229 and $ 234,217,281 , respectively)

Affiliated investments (cost $ 140,103,500 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

1 unchanged sentence

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

15 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

5 unchanged sentences

3.806 % due 04/16/26

4.140 % due 11/04/25

4.203 % due 11/13/25

Total short-term U.S.

1 unchanged sentence

(cost $ 79,900,229 )

Affiliated Investments

Exchange Traded Fund

( 37 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 140,103,500 )

Total Investments in Securities

(cost $ 220,003,729 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

Natural Gas - NYMEX, expires November 2025

1,084,407,930

Natural Gas - NYMEX, expires May 2026

Affiliated company as defined under the Investment Company Act of 1940.

Represents 7-day

effective yield as of March 31, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

Brokerage commissions

Futures account fees

Futures accounts fees

Total expenses

3 unchanged sentences

Futures contracts

( 163,780,916

( 372,130,469

( 402,539,202

Short-term U.S.

government and agency obligations

Payment from affiliate (Note 5)

Net realized gain (loss)

( 163,780,730

( 372,130,469

( 402,539,202

Change in net unrealized appreciation (depreciation) on

2 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 135,043,242

( 111,870,739

( 338,935,818

Net income (loss)

( 132,471,631

( 106,952,882

( 325,551,071

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

Addition of 53,500,000 and 5,300,000 shares, respectively

1,969,227,422

1,667,588,651

Redemption of 53,600,000 and 9,800,000 shares, respectively

1 unchanged sentence

( 685,446,154

Net addition (redemption) of ( 100,000 ) and ( 4,500,000 ) shares, respectively

( 336,233,543

( 346,127,638

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

Net investment income (loss)

Net realized gain (loss)

( 163,780,730

( 372,130,469

( 402,539,202

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 132,471,631

( 106,952,882

( 325,551,071

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

Net income (loss)

( 325,551,071

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

5 unchanged sentences

government and agency obligations

Cost of affiliated investments purchased

( 140,103,500

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

3 unchanged sentences

Net cash provided by (used in) operating activities

( 310,730,020

( 628,600,080

Cash flow from financing activities

Proceeds from addition of shares

1,980,194,065

1,671,870,576

Payment on shares redeemed

2 unchanged sentences

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

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

Segregated cash balances with brokers for foreign currency forward contracts

15 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Foreign Currency Forward Contracts ^

7 unchanged sentences

Euro with UBS AG

Total Unrealized Appreciation

Total Unrealized Depreciation

Contracts to Sell

2 unchanged sentences

Total Unrealized Depreciation

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

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.

4 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

2 unchanged sentences

Net investment income (loss)

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

Realized and unrealized gain (loss) on investment activity

Net realized gain (loss) on

Foreign currency forward contracts

9 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

15 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 439,384,498 and $ 548,601,553 , respectively)

Affiliated investments (cost $ 340,136,000 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

1 unchanged sentence

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

1,076,075,058

1,035,302,326

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Payable to Sponsor

4 unchanged sentences

Shareholders’ equity

1,053,863,221

1,014,686,941

Total liabilities and shareholders’ equity

Shares outstanding (Note 1)

Net asset value per share (Note 1)

Market value per share (Note 1) (Note 2)

1,076,075,058

1,035,302,326

Shares outstanding

Net asset value per share

Market value per share (Note 2)

See accompanying notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

6 unchanged sentences

3.721 % due 04/30/26 †

4.203 % due 11/13/25 †

Total short-term U.S.

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

government and agency obligations

(cost $ 439,384,498 )

Affiliated Investments

Exchange Traded Fund

( 32 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 340,136,000 )

Total Investments in Securities

(cost $ 779,520,498 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

Gold Futures—COMEX, expires December 2025

Gold Futures - COMEX, expires June 2026

1,041,456,360

Total Return Swap Agreements ^

6 unchanged sentences

Total Unrealized Appreciation

Total Unrealized Depreciation

Affiliated company as defined under the Investment Company Act of 1940.

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 September 30, 2025.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

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

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.

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

2 unchanged sentences

Net investment income (loss)

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

Realized and unrealized gain (loss) on investment activity

Net realized gain (loss) on

Futures contracts

Swap agreements

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

1 unchanged sentence

Futures contracts

( 115,273,537

Swap agreements

1 unchanged sentence

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

( 135,627,267

Net realized and unrealized gain (loss)

4 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

1,014,686,941

Addition of 6,150,000 and 3,400,000 shares, respectively (Note 1)

1 unchanged sentence

( 465,184,144

( 425,999,000

( 119,206,177

Net addition (redemption) of ( 750,000 ) and 2,600,000 shares, respectively (Note 1)

2 unchanged sentences

Change in net unrealized appreciation (depreciation)

( 135,627,267

Net income (loss)

Shareholders’ equity, end of period

1,053,863,221

See accompanying notes to financial statements.

1 unchanged sentence

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

8 unchanged sentences

1,100,000,000

Cost of affiliated investments purchased

( 520,242,150

Proceeds from affiliated investments sold

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

7 unchanged sentences

( 461,689,101

( 114,385,981

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 202,771,442

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 1,011,909,248 and $ 967,111,002 , respectively)

1,011,915,551

Affiliated investments (cost $ 405,162,000 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

Segregated cash balances with brokers for swap agreements

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

1,990,202,848

2,381,149,490

Liabilities and shareholders’ equity

8 unchanged sentences

1,852,945,623

2,237,285,267

Total liabilities and shareholders’ equity

1,990,202,848

2,381,149,490

Shares outstanding

4 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

7 unchanged sentences

3.806 % due 05/05/26 †

3.832 % due 05/07/26 †

3.698 % due 06/25/26 †

3.677 % due 07/14/26 †

Total short-term U.S.

1 unchanged sentence

(cost $ 1,011,909,248 )

1,011,915,551

Affiliated Investments

Exchange Traded Fund

( 22 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 405,162,000 )

Total Investments in Securities

(cost $ 1,417,071,248 )

1,417,199,051

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

Silver Futures - COMEX, expires December 2025

Silver Futures - COMEX, expires May 2026

1,368,770,130

1 unchanged sentence

Notional Amount

(Depreciation)/Value

(Depreciation)/

Swap agreement with Citibank, N.A.

based on Bloomberg Silver Subindex

1,016,244,234

Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex

3 unchanged sentences

Total Unrealized Appreciation

Total Unrealized Depreciation

Affiliated company as defined under the Investment Company Act of 1940.

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 September 30, 2025.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

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

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.

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

8 unchanged sentences

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

( 129,011,251

Change in net unrealized appreciation (depreciation) on

Futures contracts

( 454,641,309

Swap agreements

( 264,679,110

Short-term U.S.

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

( 719,392,588

Net realized and unrealized gain (loss)

( 359,837,548

Net income (loss)

( 349,679,145

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

Addition of 4,700,000 , 4,700,000 , 14,550,000 and 12,150,000 shares, respectively

Redemption of 5,900,000 , 3,500,000 , 17,450,000 and 10,000,000 shares, respectively

2,237,285,267

Addition of 12,150,000 and 4,850,000 shares, respectively

1,975,835,556

Redemption of 10,750,000 and 5,900,000 shares, respectively

( 2,010,496,055

1 unchanged sentence

Net addition (redemption) of 1,400,000 and ( 1,050,000 ) shares, respectively

( 149,641,190

Net investment income (loss)

Net realized gain (loss)

( 129,011,251

Change in net unrealized appreciation (depreciation)

( 719,392,588

Net income (loss)

Shareholders’ equity, end of period

( 349,679,145

Shareholders’ equity, end of period

1,852,945,623

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

Net income (loss)

( 349,679,145

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

6 unchanged sentences

2,562,212,049

Cost of affiliated investments purchased

( 800,407,000

Proceeds from affiliated investments sold

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

2 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

( 156,379,747

Decrease (Increase) in securities sold receivable

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

1 unchanged sentence

Increase (Decrease) in payable on open futures contracts

( 142,327,483

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

Payment on shares redeemed

2 unchanged sentences

Net cash provided by (used in) financing activities

( 119,376,135

Net increase (decrease) in cash

( 590,737,925

( 131,433,506

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ – and $ 99,753,597 , respectively)

Affiliated investments (cost $ 105,058,700 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

12 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

Principal Amount

Short-term U.S.

government and agency obligations

MARCH 31, 2026

Affiliated Investments

Exchange Traded Fund

( 36 % of shareholders’ equity)

Treasury Bills ^^

4.182 % due 10/21/25

4.140 % due 11/04/25

4.203 % due 11/13/25

Total short-term U.S.

government and agency obligations

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 105,058,700 )

2 unchanged sentences

(Depreciation)/Value

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

Rates shown represent discount rate at the time of purchase.

VIX Futures - Cboe, expires April 2026

VIX Futures - Cboe, expires May 2026

Affiliated company as defined under the Investment Company Act of 1940.

Represents 7-day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

Brokerage commissions

Futures account fees

Futures accounts fees

Total expenses

3 unchanged sentences

Futures contracts

( 410,233,402

( 254,266,766

( 185,028,990

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

( 410,232,837

( 254,268,120

( 185,017,536

Change in net unrealized appreciation (depreciation) on

2 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 390,946,076

( 304,340,735

( 145,467,734

Net income (loss)

( 388,546,778

( 299,713,829

( 141,365,058

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

Addition of 49,350,000 , 19,350,000 , 134,050,000 and 29,200,000 shares, respectively

2,554,769,405

Redemption of 18,250,000 , 17,750,000 , 85,650,000 and 26,021,248 shares, respectively

( 247,890,596

Addition of 10,600,000 and 9,070,000 shares, respectively (Note 1)

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

Net addition (redemption) of 31,100,000 , 1,600,000 , 48,400,000 and 3,178,752 shares, respectively

Net investment income (loss)

Net realized gain (loss)

( 410,232,837

( 254,268,120

( 185,017,536

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 388,546,778

( 299,713,829

( 141,365,058

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

Net income (loss)

( 299,713,829

( 141,365,058

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

2 unchanged sentences

( 218,972,961

( 259,379,827

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

government and agency obligations

Cost of affiliated investments purchased

( 155,097,500

Proceeds from affiliated investments sold

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

3 unchanged sentences

Net cash provided by (used in) operating activities

( 381,680,931

( 190,662,152

Cash flow from financing activities

Proceeds from addition of shares

2,554,769,405

Payment on shares redeemed

2 unchanged sentences

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 270,754,431

Net increase (decrease) in cash

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 14,956,258 and $ – , respectively)

Affiliated investments (cost $ 16,006,400 and $ – , respectively)

Segregated cash balances with brokers for foreign currency forward contracts

Unrealized appreciation on foreign currency forward contracts

Receivable for dividends from affiliates

Interest receivable

13 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 33 % of shareholders’ equity)

Treasury Bills ^^

% due 04/30/26 †

Total short-term U.S.

government and agency obligations

(cost $ 14,956,258 )

Affiliated Investments

Exchange Traded Fund

( 36 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 16,006,400 )

Total Investments in Securities

(cost $ 30,962,658 )

Foreign Currency Forward Contracts ^

2 unchanged sentences

in Local Currency

Contract Amount

(Depreciation)/

11 unchanged sentences

Total Unrealized Depreciation

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

Affiliated company as defined under the Investment Company Act of 1940.

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.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

4 unchanged sentences

Foreign currency forward contracts

Payment from affiliate (Note 5)

Net realized gain (loss)

1 unchanged sentence

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

1 unchanged sentence

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

Cost of affiliated investments purchased

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

government and agency obligations

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

11 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 219,470,871 and $ 44,906,073 , respectively)

Affiliated investments (cost $ 290,317,420 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

1 unchanged sentence

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

1,011,948,221

Liabilities and shareholders’ equity

7 unchanged sentences

Total liabilities and shareholders’ equity

1,011,948,221

Shares outstanding

4 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

5 unchanged sentences

3.806 % due 04/16/26

3.721 % due 04/30/26

Total short-term U.S.

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

government and agency obligations

(cost $ 219,470,871 )

Affiliated Investments

Exchange Traded Fund

( 29 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 290,317,420 )

Total Investments in Securities

(cost $ 509,788,291 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires December 2025

WTI Crude Oil - NYMEX, expires June 2026

WTI Crude Oil - NYMEX, expires December 2026

WTI Crude Oil - NYMEX, expires June 2027

Affiliated company as defined under the Investment Company Act of 1940.

Represents 7-day effective yield as of March 31, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

7 unchanged sentences

government and agency obligations

Payment from affiliate (Note 5)

Net realized gain (loss)

3 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 153,860,021

Net income (loss)

( 152,604,391

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

Addition of 135,500,000 and 10,100,000 shares, respectively

Redemption of 6,000,000 , 8,700,000 , 25,700,000 and 19,050,000 shares, respectively

1,279,853,061

( 160,558,341

Redemption of 22,750,000 and 6,600,000 shares, respectively

( 227,458,319

6 unchanged sentences

Net income (loss)

( 152,604,391

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

Net income (loss)

( 152,604,391

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

5 unchanged sentences

government and agency obligations

Cost of affiliated investments purchased

( 290,317,420

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

Increase (Decrease) in payable to Sponsor

Increase (Decrease) in brokerage commissions and futures account fees payable

Increase (Decrease) in payable on open futures contracts

Net cash provided by (used in) operating activities

( 637,340,014

Cash flow from financing activities

Proceeds from addition of shares

1,259,751,293

Payment on shares redeemed

2 unchanged sentences

Net cash provided by (used in) financing activities

1,034,401,346

Net increase (decrease) in cash

4 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 39,946,662 and $ 69,807,867 , respectively)

Affiliated investments (cost $ 80,032,000 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

15 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

5 unchanged sentences

3.721 % due 04/30/26

4.140 % due 11/04/25

Total short-term U.S.

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

government and agency obligations

(cost $ 39,946,662 )

Affiliated Investments

Exchange Traded Fund

( 39 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 80,032,000 )

Total Investments in Securities

(cost $ 119,978,662 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Natural Gas - NYMEX, expires November 2025

Natural Gas - NYMEX, expires May 2026

Affiliated company as defined under the Investment Company Act of 1940.

Represents 7-day effective yield as of March 31, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

Brokerage commissions

Futures account fees

Futures accounts fees

Total expenses

3 unchanged sentences

Futures contracts

( 221,827,712

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

( 221,827,712

Change in net unrealized appreciation (depreciation) on

2 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 236,425,749

Net income (loss)

( 233,620,058

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

1 unchanged sentence

1,214,566,289

Redemption of 12,700,000 , 3,250,000 , 73,300,000 and 17,200,000 shares, respectively

1,166,645,827

( 217,256,870

Redemption of 59,650,000 and 23,850,000 shares, respectively

( 1,320,961,437

2 unchanged sentences

( 106,395,148

( 167,671,214

Net investment income (loss)

Net realized gain (loss)

( 221,827,712

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 233,620,058

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

Net income (loss)

( 233,620,058

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

2 unchanged sentences

( 646,107,653

( 232,607,254

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

government and agency obligations

Cost of affiliated investments purchased

( 140,056,000

Proceeds from affiliated investments sold

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

3 unchanged sentences

Net cash provided by (used in) operating activities

( 554,254,845

Cash flow from financing activities

1 unchanged sentence

1,214,566,289

1,166,645,827

Payment on shares redeemed

4 unchanged sentences

Net increase (decrease) in cash

( 168,505,831

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

December 31, 2025

Short-term U.S.

government and agency obligations (Note 3) (cost $ 9,970,839 and $ – , respectively)

Affiliated investments (cost $ 10,004,000 and $ – , respectively)

Segregated cash balances with brokers for foreign currency forward contracts

Unrealized appreciation on foreign currency forward contracts

Receivable for dividends from affiliates

Interest receivable

13 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 27 % of shareholders’ equity)

Treasury Bills ^^

3.721 % due 04/30/26 †

Total short-term U.S.

government and agency obligations

(cost $ 9,970,839 )

Affiliated Investments

Exchange Traded Fund

( 27 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 10,004,000 )

Total Investments in Securities

(cost $ 19,974,839 )

Foreign Currency Forward Contracts ^

11 unchanged sentences

Euro with UBS AG

Total Unrealized Depreciation

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

Total Unrealized Appreciation

Affiliated company as defined under the Investment Company Act of 1940.

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.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

4 unchanged sentences

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Payment from affiliate (Note 5)

Net realized gain (loss)

1 unchanged sentence

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

1 unchanged sentence

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

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

Purchases of short-term U.S.

government and agency obligations

Net realized (gain) loss on investments

Cost of affiliated investments purchased

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

government and agency obligations

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

11 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

December 31, 2025

Short-term U.S.

government and agency obligations (Note 3) (cost $ 29,912,517 and $ – , respectively)

Affiliated investments (cost $ 25,010,000 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

1 unchanged sentence

Unrealized appreciation on swap agreements

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

6 unchanged sentences

Total liabilities and shareholders’ equity

Shares outstanding (Note 1)

Net asset value per share (Note 1)

Market value per share (Note 1) (Note 2)

Shares outstanding

Net asset value per share

Market value per share (Note 2)

See accompanying notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 25 % of shareholders’ equity)

Treasury Bills ^^

3.721 % due 04/30/26 †

Total short-term U.S.

government and agency obligations

(cost $ 29,912,517 )

Affiliated Investments

Exchange Traded Fund

( 21 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 25,010,000 )

Total Investments in Securities

(cost $ 54,922,517 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Gold Futures - COMEX, expires December 2025

Gold Futures - COMEX, expires June 2026

Total Return Swap Agreements ^

Notional Amount

(Depreciation)/Value

3 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Gold Subindex

Total Unrealized Appreciation

Total Unrealized Depreciation

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

Affiliated company as defined under the Investment Company Act of 1940.

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.

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

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.

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

6 unchanged sentences

Swap agreements

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

2 unchanged sentences

Swap agreements

Short-term U.S.

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

11 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

1 unchanged sentence

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

Cost of affiliated investments purchased

Proceeds from affiliated investments sold

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

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

13 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

December 31, 2024

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 69,475,776 and $ – , respectively)

Affiliated investments (cost $ 10,007,500 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

1 unchanged sentence

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Receivable on open futures contracts

5 unchanged sentences

Unrealized depreciation on swap agreements

Securities purchased payable

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 49 % of shareholders’ equity)

Treasury Bills ^^

3.832 % due 05/07/26 †

3.699 % due 06/25/26 †

Total short-term U.S.

government and agency obligations

(cost $ 69,475,776 )

Affiliated Investments

Exchange Traded Fund

( 7 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 10,007,500 )

Total Investments in Securities

(cost $ 79,483,276 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Silver Futures - COMEX, expires December 2025

Silver Futures - COMEX, expires May 2026

Total Return Swap Agreements ^

7 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Silver Subindex

Total Unrealized Appreciation

Total Unrealized Depreciation

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

Affiliated company as defined under the Investment Company Act of 1940.

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.

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

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.

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

6 unchanged sentences

Swap agreements

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

2 unchanged sentences

Swap agreements

Short-term U.S.

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

Addition of 2,100,000 , 687,500 , 4,750,000 and 2,937,500 shares, respectively

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

Addition of 50,840,000 and 115,000 shares, respectively (Note 1)

1,170,426,257

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

Redemption of 48,350,208 and 60,000 shares, respectively (Note 1)

( 1,212,662,211

Net addition (redemption) of 2,489,792 and 55,000 shares, respectively (Note 1)

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

1 unchanged sentence

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

Cost of affiliated investments purchased

( 110,082,250

Proceeds from affiliated investments sold

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

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

3 unchanged sentences

Increase (Decrease) in payable on open futures contracts

Increase (Decrease) in securities purchased payable

Net cash provided by (used in) operating activities

1 unchanged sentence

Proceeds from addition of shares

1,150,827,930

Payment on shares redeemed

1 unchanged sentence

Net cash provided by (used in) financing activities

( 111,607,016

Net increase (decrease) in cash

( 172,295,009

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

December 31, 2025

Short-term U.S.

government and agency obligations (Note 3) (cost $ 9,970,839 and $ – , respectively)

Affiliated investments (cost $ 7,002,800 and $ – , respectively)

Segregated cash balances with brokers for foreign currency forward contracts

Unrealized appreciation on foreign currency forward contracts

Receivable from capital shares sold

Receivable for dividends from affiliates

Interest receivable

13 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 34 % of shareholders’ equity)

Treasury Bills ^^

3.721 % due 04/30/26 †

Total short-term U.S.

government and agency obligations

(cost $ 9,970,839 )

Affiliated Investments

Exchange Traded Fund

( 24 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 7,002,800 )

Total Investments in Securities

(cost $ 16,973,639 )

Foreign Currency Forward Contracts ^

6 unchanged sentences

Yen with Goldman Sachs International

1,489,706,000

Yen with UBS AG

1,298,109,000

Total Unrealized Depreciation

5 unchanged sentences

Total Unrealized Appreciation

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

Affiliated company as defined under the Investment Company Act of 1940.

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.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

4 unchanged sentences

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Payment from affiliate (Note 5)

Net realized gain (loss)

1 unchanged sentence

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

1 unchanged sentence

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

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

Purchases of short-term U.S.

government and agency obligations

Net realized (gain) loss on investments

Cost of affiliated investments purchased

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

government and agency obligations

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

11 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

December 31, 2025

Short-term U.S.

government and agency obligations (Note 3) (cost $ 19,941,678 and $ – , respectively)

Affiliated investments (cost $ 20,008,000 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

14 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 28 % of shareholders’ equity)

Treasury Bills ^^

3.721 % due 04/30/26

Total short-term U.S.

government and agency obligations

(cost $ 19,941,678 )

Affiliated Investments

Exchange Traded Fund

( 28 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 20,008,000 )

Total Investments in Securities

(cost $ 39,949,678 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures – Cboe, expires January 2026

VIX Futures – Cboe, expires February 2026

VIX Futures – Cboe, expires March 2026

VIX Futures – Cboe, expires April 2026

VIX Futures - Cboe, expires July 2026

VIX Futures - Cboe, expires August 2026

VIX Futures - Cboe, expires September 2026

VIX Futures - Cboe, expires October 2026

Affiliated company as defined under the Investment Company Act of 1940.

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.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

Brokerage commissions

Futures account fees

Futures accounts fees

Total expenses

3 unchanged sentences

Futures contracts

Short-term U.S.

government and agency obligations

Payment from affiliate (Note 5)

Net realized gain (loss)

3 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

1 unchanged sentence

Redemption of 475,000 and 1,075,000 shares, respectively

( 139,822,378

Net addition (redemption) of 1,125,000 and 225,000 shares, respectively

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

3 unchanged sentences

government and agency obligations

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

government and agency obligations

Cost of affiliated investments purchased

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

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

6 unchanged sentences

Payment on shares redeemed

( 139,822,378

Net cash provided by (used in) financing activities

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

September 30,

March 31, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 19,983,882 and $ 84,730,287 , respectively)

Affiliated investments (cost $ 70,028,000 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

12 unchanged sentences

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

MARCH 31, 2026

Principal Amount

4 unchanged sentences

3.717 % due 04/09/26

4.182 % due 10/21/25

4.140 % due 11/04/25

4.203 % due 11/13/25

Total short-term U.S.

1 unchanged sentence

(cost $ 19,983,882 )

Affiliated Investments

Exchange Traded Fund

( 40 % of shareholders’ equity)

ProShares Genius Money Market ETF 3.52 % (a)(b)

(cost $ 70,028,000 )

Total Investments in Securities

(cost $ 90,011,882 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

VIX Futures - Cboe, expires April 2026

VIX Futures - Cboe, expires May 2026

Affiliated company as defined under the Investment Company Act of 1940.

Represents 7-day effective yield as of March 31, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

Brokerage commissions

Futures account fees

Futures accounts fees

Total expenses

3 unchanged sentences

Futures contracts

( 109,920,952

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

( 109,920,852

Change in net unrealized appreciation (depreciation) on

2 unchanged sentences

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 111,433,289

Net income (loss)

( 109,686,421

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

3 unchanged sentences

( 209,708,735

( 213,113,775

Net addition (redemption) of ( 3,775,000 ) and 275,000 shares, respectively

( 123,344,938

Net investment income (loss)

Net realized gain (loss)

( 109,920,852

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 109,686,421

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

4 unchanged sentences

( 134,311,104

( 242,444,601

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

government and agency obligations

Cost of affiliated investments purchased

Proceeds from affiliated investments sold

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

3 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

3 unchanged sentences

Net cash provided by (used in) operating activities

( 148,844,404

Cash flow from financing activities

4 unchanged sentences

Net cash provided by (used in) financing activities

( 123,776,297

Net increase (decrease) in cash

4 unchanged sentences

COMBINED STATEMENTS OF FINANCIAL CONDITION

September 30, 2025

March 31, 2026

December 31, 2025

3 unchanged sentences

2,259,034,978

Affiliated investments (cost $ 1,809,077,980 and - , respectively)

1,809,191,600

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

4 unchanged sentences

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

8 unchanged sentences

Unrealized depreciation on foreign currency forward contracts

Securities Purchased Payable

Total liabilities

12 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

Dividends from affiliates (Note 5)

Management fee

6 unchanged sentences

Futures contracts

( 479,137,704

( 307,323,493

( 402,765,202

Swap agreements

( 135,617,033

Foreign currency forward contracts

1 unchanged sentence

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

1,004,738,916

( 442,257,634

( 301,922,238

Change in net unrealized appreciation (depreciation) on

Futures contracts

( 328,252,074

Swap agreements

( 225,377,882

Foreign currency forward contracts

1 unchanged sentence

government and agency obligations

Affiliated investments

Change in net unrealized appreciation (depreciation)

( 553,267,192

Net realized and unrealized gain (loss)

4 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Shareholders’ equity, beginning of period

1 unchanged sentence

3,025,133,601

3,282,832,126

Addition of 363,790,000 and 95,660,000 shares, respectively (Note 1)

1 unchanged sentence

3,422,083,613

10,372,706,221

6,212,835,038

Redemption of 252,900,208 and 73,685,000 shares, respectively (Note 1)

1 unchanged sentence

( 3,300,895,621

( 9,552,129,693

( 6,023,346,239

Net addition (redemption) of 110,889,792 and 21,975,000 shares, respectively (Note 1)

2 unchanged sentences

1,004,738,916

( 442,257,634

( 301,922,238

Change in net unrealized appreciation (depreciation)

( 553,267,192

Net income (loss)

2 unchanged sentences

3,573,878,847

4,520,549,078

3,469,211,534

See accompanying notes to financial statements.

1 unchanged sentence

COMBINED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

Cash flow from operating activities

9 unchanged sentences

2,954,910,250

Cost of affiliated investments purchased

( 2,639,603,480

Proceeds from affiliated investments sold

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

2 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

( 143,377,711

Decrease (Increase) in securities sold receivable

Decrease (Increase) in receivable on futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

2 unchanged sentences

Increase (Decrease) in payable on futures contracts

( 121,055,488

Increase (Decrease) payable on securities purchased

Net cash provided by (used in) operating activities

21 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

September 30, 2025

March 31, 2026

NOTE 1 - ORGANIZATION

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

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

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”);

22 unchanged sentences

Share Splits and Reverse Share Splits

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

The 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.

3 unchanged sentences

Resumed at Post-

ProShares Short VIX Short-Term Futures

April 10, 2024

2-for-1 forward Share split

April 11, 2024

ProShares UltraShort Bloomberg Natural Gas

April 10, 2024

ProShares Ultra Gold

June 12, 2025

4-for-1 forward Share split

April 11, 2024

ProShares Ultra VIX Short-Term Futures

April 10, 2024

June 13, 2025

ProShares UltraShort Gold

June 12, 2025

1-for-2 reverse Share split

April 11, 2024

ProShares VIX Short-Term Futures

June 13, 2025

ProShares UltraShort Gold

November 19, 2025

1 unchanged sentence

November 20, 2025

ProShares Ultra Bloomberg Natural Gas

ProShares Ultra VIX Short-Term Futures ETF

November 19, 2025

2 unchanged sentences

ProShares UltraShort Silver

November 6, 2024

1-for-4 reverse Share split

November 7, 2024

ProShares UltraShort Yen

November 6, 2024

2-for-1 forward Share split

November 7, 2024

ProShares Ultra Gold

June 12, 2025

4-for-1 forward Share split

June 13, 2025

ProShares UltraShort Gold

June 12, 2025

February 26, 2026

1-for-10 reverse Share split

June 13, 2025

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.

22 unchanged sentences

Statements of Cash Flows

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

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.

Final Net Asset Value for Fiscal Period

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

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:

3 unchanged sentences

Ultra Silver and UltraShort Silver

September 30, 2025

March 31, 2026

Ultra Gold and UltraShort Gold

September 30, 2025

March 31, 2026

Ultra Bloomberg Crude Oil

March 31, 2026

Ultra Bloomberg Natural Gas

UltraShort Bloomberg Crude Oil and

September 30, 2025

March 31, 2026

UltraShort Bloomberg Crude Oil

March 31, 2026

UltraShort Bloomberg Natural Gas

September 30, 2025

UltraShort Euro and

UltraShort Yen

September 30, 2025

March 31, 2026

Ultra Euro, Ultra Yen, Ultrashort Euro and Ultrashort Yen

March 31, 2026

Short VIX Short-Term Futures ETF

September 30, 2025

March 31, 2026

Ultra VIX Short-Term Futures ETF

September 30, 2025

VIX Mid-Term Futures ETF and

March 31, 2026

VIX Mid-Term Futures ETF

March 31, 2026

VIX Short-Term Futures ETF

September 30, 2025

Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the nine months ended September 30, 2025.

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 nine months ended September 30, 2025.

Investment Valuation

2 unchanged sentences

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.

22 unchanged sentences

Level III – Unobservable pricing input at the measurement date for the asset or liability.

Unobservable inputs shall be used to measure fair value

to the extent that observable inputs are not available.

Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy.

1 unchanged sentence

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

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

The following table summarizes the valuation of investments at March 31, 2026 using the fair value hierarchy:

Level I - Quoted Prices

9 unchanged sentences

ProShares Ultra Silver

1,011,915,551

1,431,037,289

ProShares Ultra VIX Short-Term Futures ETF

11 unchanged sentences

1,809,191,600

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 September 30, 2025.

There were no transfers into or out of Level 3 for the quarter ended March 31, 2026.

The following table summarizes the valuation of investments at December 31, 2025 using the fair value hierarchy:

7 unchanged sentences

ProShares Ultra Bloomberg Natural Gas

( 132,096,872

ProShares Ultra Euro

1 unchanged sentence

ProShares Ultra Silver

1,700,469,631

ProShares Ultra VIX Short-Term Futures ETF

9 unchanged sentences

Combined Trust:

2,259,034,978

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 year ended December 31, 2024.

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.

1 unchanged sentence

Investment transactions are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

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 generally recognized on an accrual basis and includes the amortization of discount on short-term U.S.

government and agency obligations and is reflected in the Statement of Operations.

Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts.

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

12 unchanged sentences

Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., last three years and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

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

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

Recently Issued Accounting Pronouncement

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

Effective for annual periods beginning after December 15, 2024, the amendments were issued to enhance transparency and decision usefulness of income tax disclosures related to rate reconciliation and income taxes paid information.

Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

Segment Reporting

5 unchanged sentences

The Funds may purchase U.S.

Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less.

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.

12 unchanged sentences

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

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

As of March 31, 2026 and December 31, 2025, the Funds did not have any open repurchase agreements.

Accounting for Derivative Instruments

51 unchanged sentences

The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss.

Each Oil Fund (ProShares UltraShort Bloomberg Crude Oil and ProShares Ultra Bloomberg Crude Oil) may, but is not required to, seek to use swap agreements or options strategies that limit losses (i.e., have “floors”) or are otherwise designed to prevent the Fund’s net asset value from going to zero.

These investment strategies will not prevent an Oil Fund from losing value, and their use may not prevent a Fund’s NAV from going to zero.

Rather, they are intended to allow an Oil Fund to preserve a small portion of its value in the event of significant movements in its benchmark or Financial Instruments based on its benchmark.

There can be no guarantee that an Oil Fund will be able to implement such strategies, continue to use such strategies, or that such strategies will be successful.

Each Oil Fund will incur additional costs as a result of using such strategies.

Use of strategies designed to limit losses may also place “caps” or “ceilings” on performance and could significantly limit Fund gains, could cause a Fund to perform in a manner not consistent with its investment objective and could otherwise have a significant impact on Fund performance.

Swap Agreements

12 unchanged sentences

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

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

Swap agreements contain various conditions, events of default, termination events, covenants and representations.

8 unchanged sentences

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

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

All of the outstanding swap agreements at 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.

9 unchanged sentences

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

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

As of March 31, 2026, the collateral posted by counterparties consisted of cash and/or U.S.

Treasury securities.

1 unchanged sentence

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

19 unchanged sentences

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

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

As of March 31, 2026, the collateral posted by counterparties consisted of cash and/or U.S.

Treasury securities.

6 unchanged sentences

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

Fair Value of Derivative Instruments as of September 30, 2025

Fair Value of Derivative Instruments as of March 31, 2026

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted for

as Hedging Instruments

Derivatives Not Accounted

for as Hedging Instruments

Statements of

68 unchanged sentences

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended September 30, 2025

For the three months ended March 31, 2026

Derivatives Not Accounted

11 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

( 410,233,402

ProShares VIX Mid-Term Futures ETF

ProShares VIX Short-Term Futures ETF

( 109,920,952

Commodities Contracts

Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements

ProShares Ultra Bloomberg Crude Oil

ProShares Ultra Bloomberg Natural Gas

( 163,780,916

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Gold

ProShares UltraShort Silver

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

ProShares Ultra Yen

ProShares UltraShort Euro

ProShares UltraShort Yen

Combined Trust

( 344,114,483

The Effect of Derivative Instruments on the Statement of Operations

For the nine months ended September 30, 2025

Derivatives Not Accounted

for as Hedging Instruments

Location of Gain

(Loss) on Derivatives

Recognized in Income

Realized Gain

Recognized in

(Depreciation) on

Recognized in

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

ProShares Ultra VIX Short-Term Futures ETF

( 254,266,766

ProShares VIX Mid-Term Futures ETF

ProShares VIX Short-Term Futures ETF

Commodities Contracts

Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements

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

1 unchanged sentence

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Gold

ProShares UltraShort Silver

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

ProShares Ultra Yen

ProShares UltraShort Euro

ProShares UltraShort Yen

Combined Trust:

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended September 30, 2024

Derivatives Not Accounted

for as Hedging Instruments

Location of Gain

(Loss) on Derivatives

Recognized in Income

Realized Gain

Recognized in

(Depreciation) on

Recognized in

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

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term Futures ETF

ProShares VIX Short-Term Futures ETF

Commodities Contracts

Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements

ProShares Ultra Bloomberg Crude Oil

ProShares Ultra Bloomberg Natural Gas

( 135,623,690

ProShares Ultra Gold

ProShares Ultra Silver

12 unchanged sentences

1,004,164,919

( 552,925,587

The Effect of Derivative Instruments on the Statement of Operations

For the nine months ended September 30, 2024

For the three months ended March 31, 2025

Derivatives Not Accounted

11 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

( 185,028,990

ProShares VIX Mid-Term Futures ETF

1 unchanged sentence

Commodities Contracts

Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements

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

ProShares Ultra Bloomberg Natural Gas

( 402,539,202

ProShares Ultra Gold

2 unchanged sentences

ProShares UltraShort Bloomberg Natural Gas

( 221,827,712

ProShares UltraShort Gold

7 unchanged sentences

Combined Trust:

( 301,990,649

Offsetting Assets and Liabilities

5 unchanged sentences

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

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

Fair Values of Derivative Instruments as of September 30, 2025

Fair Values of Derivative Instruments as of March 31, 2026

Gross Amounts

10 unchanged sentences

of Recognized

presented in the

Statements of

the Statements

Gross Amounts

22 unchanged sentences

Foreign currency forward contracts

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

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.

1 unchanged sentence

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

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

Gross Amounts Not Offset in the Statements of Financial Condition as of March 31, 2026

Amounts of Recognized Assets /

10 unchanged sentences

Goldman Sachs International

Morgan Stanley & Co.

International PLC

Societe Generale

Morgan Stanley

Societe Generale S.A.

ProShares Ultra Euro

6 unchanged sentences

Goldman Sachs International

Morgan Stanley & Co.

International PLC

Morgan Stanley

ProShares Ultra Yen

8 unchanged sentences

Goldman Sachs International

Morgan Stanley & Co.

International PLC

Morgan Stanley

ProShares UltraShort Yen

9 unchanged sentences

Statements of

Net Amounts of

Assets presented

of Assets presented

Statements of

7 unchanged sentences

Net Amounts of

presented in the

Statements of

the Statements

ProShares Ultra Bloomberg Crude Oil

44 unchanged sentences

Citibank, N.A.

( 149,280,584

Goldman Sachs International

48 unchanged sentences

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.

Proceeds from

(Depreciation)

Investments in Affiliated Money Market Funds:

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra Bloomberg Crude Oil

ProShares Ultra Bloomberg Natural Gas

ProShares Ultra Gold

( 180,192,700

ProShares Ultra Silver

( 395,372,000

ProShares Ultra VIX Short-Term Futures ETF

ProShares Ultra Yen

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Euro

ProShares UltraShort Gold

ProShares UltraShort Silver

( 100,079,200

ProShares UltraShort Yen

ProShares VIX Mid-Term Futures ETF

ProShares VIX Short-Term Futures ETF

ProShares Trust II:

2,639,603,480

( 830,774,450

1,809,191,600

NOTE 6 — CREATION AND REDEMPTION OF CREATION UNITS

16 unchanged sentences

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

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

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

Nine Months Ended

September 30, 2025

March 31, 2026

ProShares Short VIX Short-Term Futures ETF

16 unchanged sentences

NOTE 7 – FINANCIAL HIGHLIGHTS

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

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

Per Share Operating Performance

Net asset value, at June 30, 2025

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at September 30, 2025

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

Percentages are annualized.

The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

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

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

The expense ratio would be 0.95 %,

0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

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

Per Share Operating Performance

Net asset value, at June 30, 2025

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at September 30, 2025

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

Percentages are annualized.

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

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

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

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

Per Share Operating Performance

Net asset value, at June 30, 2025

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at September 30, 2025

Market value per share, at June 30, 2025 †

Market value per share, at September 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

Percentages are annualized.

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

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

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

Selected data for a Share outstanding throughout the three months ended September 30, 2024

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

Per Share Operating Performance

Net asset value, at June 30, 2024

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at September 30, 2024

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

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

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

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

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

Per Share Operating Performance

Net asset value, at June 30, 2024

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at September 30, 2024

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

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

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

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

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

Per Share Operating Performance

Net asset value, at June 30, 2024

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at September 30, 2024

Market value per share, at June 30, 2024 †

Market value per share, at September 30, 2024 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

Percentages are annualized.

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

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

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

Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2025

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

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

3 unchanged sentences

Change in net asset value from operations

Net asset value, at September 30, 2025

Net asset value, at March 31, 2026

Market value per share, at December 31, 2025 †

Market value per share, at September 30, 2025 †

Market value per share, at March 31, 2026 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

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

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.

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

For the Three Months Ended March 31, 2026 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at September 30, 2025

Net asset value, at March 31, 2026

Market value per share, at December 31, 2025 †

Market value per share, at September 30, 2025 †

Market value per share, at March 31, 2026 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

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

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.

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

For the Three Months Ended March 31, 2026 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at September 30, 2025

Net asset value, at March 31, 2026

Market value per share, at December 31, 2025 †

Market value per share, at September 30, 2025 †

Market value per share, at March 31, 2026 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

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

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.

Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2024

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

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

3 unchanged sentences

Change in net asset value from operations

Net asset value, at September 30, 2024

Net asset value, at March 31, 2025

Market value per share, at December 31, 2024 †

Market value per share, at September 30, 2024 †

Market value per share, at March 31, 2025 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

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

For the Three Months Ended March 31, 2025 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at September 30, 2024

Net asset value, at March 31, 2025

Market value per share, at December 31, 2024 †

Market value per share, at September 30, 2024 †

Market value per share, at March 31, 2025 †

Total Return, at net asset value^

7 unchanged sentences

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

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

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.

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

For the Three Months Ended March 31, 2025 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at September 30, 2024

Net asset value, at March 31, 2025

Market value per share, at December 31, 2024 †

Market value per share, at September 30, 2024 †

Market value per share, at March 31, 2025 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

The amount shown for a share outstanding throughout the period may not acc or

d with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

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

Percentages are not annualized for the period ended September 30

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.

172 unchanged sentences

NOTE 9 – SUBSEQUENT EVENTS

On November 4, 2025, the Trust announced a reverse share split (“reverse split”) on ProShares UltraShort Gold (ticker symbol “GLL”), and on ProShares Ultra VIX Short-Term Futures ETF (ticker symbol “UVXY”).

The reverse splits will not change the value of a shareholder’s investment.

ProShares UltraShort Gold will execute a 1 for 2 reverse split of its shares.

ProShares Ultra VIX Short-Term Futures ETF will execute a 1 for 5 reverse split of its shares.

The reverse splits will be effective prior to market open on November 20, 2025, when the Funds begin trading at their post-reverse split prices.

The ticker symbols for the Funds will not change, but the Funds will be issued new CUSIP numbers (74347Y680 for UVXY and 74347Y698 for GLL).

The reverse splits will increase the price per share of each fund with a proportionate decrease in the number of shares outstanding.

Specifically, for ProShares Ultra VIX Short-Term Futures ETF, every five pre-reverse split shares held by a Fund shareholder will result in the receipt of one post-split share, which will be priced five times higher than the net asset value of a pre-reverse split share.

For ProShares UltraShort Gold, every two pre-reverse split shares held by a Fund shareholder will result in the receipt of one-post reverse split share, which will be priced two times higher than the net asset value of a pre-reverse split share.

For shareholders who hold quantities of shares that are not an exact multiple of the applicable reverse split ratio (i.e., not a multiple of 2 or 5), the reverse split will result in the creation of a fractional share.

Post-reverse split fractional shares will be redeemed for cash and sent to the shareholder’s broker of record.

This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

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.

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

What changed 10-Q

Item 1. Financial Statements