7 unchanged sentences
The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments.
−Removed: As of September 30, 2025 and 2024, each of the Fund’s positions were as follows:
+Added: As of March 31, 2026 and 2025, each of the Fund’s positions were as follows:
ProShares Short VIX Short-Term Futures ETF
−Removed: As of September 30, 2025 and 2024, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2026 and 2025, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2025
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2024
−Removed: The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
5 unchanged sentences
ProShares Ultra Bloomberg Crude Oil:
−Removed: As of September 30, 2025 and 2024, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2025
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2026
−Removed: Swap Agreements as of September 30, 2025
+Added: WTI Crude Oil (Need Exch)
+Added: Swap Agreements as of March 31, 2026
Reference Index
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2024
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2025
−Removed: Swap Agreements as of September 30, 2024
+Added: WTI Crude Oil (NYMEX)
+Added: Swap Agreements as of March 31, 2025
Reference Index
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2025 and 2024 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
6 unchanged sentences
ProShares Ultra Bloomberg Natural Gas:
−Removed: As of September 30, 2025 and 2024, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2025
−Removed: 1,084,407,930
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2024
−Removed: 1,304,417,980
−Removed: The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
5 unchanged sentences
ProShares Ultra Euro:
−Removed: As of September 30, 2025 and 2024, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency
2 unchanged sentences
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency
2 unchanged sentences
Goldman Sachs International
−Removed: The September 30, 2025 and 2024 USD market value equals the number of euros multiplied by the forward rate.
+Added: The March 31, 2026 and 2025 USD market value equals the number of euros multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
6 unchanged sentences
ProShares Ultra Gold:
−Removed: As of September 30, 2025 and 2024 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
Gold Futures (COMEX)
−Removed: December 2025
−Removed: Swap Agreements as of September 30, 2025
+Added: 1,041,456,360
+Added: Swap Agreements as of March 31, 2026
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
Gold Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable.
1 unchanged sentence
The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: Future period returns, before fees and expenses,
+Added: cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
2 unchanged sentences
ProShares Ultra Silver:
−Removed: As of September 30, 2025 and 2024 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
Silver Futures (COMEX)
−Removed: December 2025
1,368,770,130
−Removed: Swap Agreements as of September 30, 2025
+Added: Swap Agreements as of March 31, 2026
Reference Index
2 unchanged sentences
Citibank, N.A.
+Added: 1,016,244,234
Bloomberg Silver Subindex
4 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
Silver Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable.
6 unchanged sentences
ProShares Ultra VIX Short-Term Futures ETF
−Removed: As of September 30, 2025 and 2024, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2025
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2024
−Removed: The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
5 unchanged sentences
ProShares Ultra Yen:
−Removed: As of September 30, 2025 and 2024, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following table provides information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following table provides information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency
4 unchanged sentences
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency
5 unchanged sentences
(1,286,656,000
−Removed: The September 30, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2026 and 2025 USD market values equal the number of yen multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
6 unchanged sentences
ProShares UltraShort Bloomberg Crude Oil:
−Removed: As of September 30, 2025 and 2024, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2025
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2026
−Removed: Futures Positions as of September 30, 2024
−Removed: Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2024
+Added: Futures Positions as of March 31, 2025
+Added: Notional Amount
WTI Crude Oil (NYMEX)
1 unchanged sentence
December 2025
−Removed: The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: WTI Crude Oil (NYMEX)
+Added: The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
5 unchanged sentences
ProShares UltraShort Bloomberg Natural Gas:
−Removed: As of September 30, 2025 and 2024, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2025
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2024
−Removed: The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
+Added: (1,147,718,160
+Added: The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
5 unchanged sentences
ProShares UltraShort Euro:
−Removed: As of September 30, 2025 and 2024, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency
2 unchanged sentences
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency
2 unchanged sentences
Goldman Sachs International
−Removed: The September 30, 2025 and 2024 USD market values equal the number of euros multiplied by the forward rate.
+Added: The March 31, 2026 and 2025 USD market values equal the number of euros multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
6 unchanged sentences
ProShares UltraShort Gold:
−Removed: As of September 30, 2025 and 2024 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
Gold Futures (COMEX)
−Removed: December 2025
−Removed: Swap Agreements as of September 30, 2025
+Added: Swap Agreements as of March 31, 2026
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
Gold Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price.
These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable.
6 unchanged sentences
ProShares UltraShort Silver:
−Removed: As of September 30, 2025 and 2024 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
Silver Futures (COMEX)
−Removed: December 2025
−Removed: Swap Agreements as of September 30, 2025
+Added: Swap Agreements as of March 31, 2026
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
Silver Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price.
These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable.
6 unchanged sentences
ProShares UltraShort Yen:
−Removed: As of September 30, 2025 and 2024, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency
5 unchanged sentences
(5,768,986,424
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency
1 unchanged sentence
Goldman Sachs International
−Removed: 1,844,169,000
Goldman Sachs International
1 unchanged sentence
(5,373,110,574
−Removed: The September 30, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2026 and 2025 USD market values equal the number of yen multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
6 unchanged sentences
ProShares VIX Mid-Term Futures ETF
−Removed: As of September 30, 2025 and 2024, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2026 and 2025, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: February 2026
VIX Futures (Cboe)
+Added: September 2026
VIX Futures (Cboe)
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: February 2025
VIX Futures (Cboe)
+Added: September 2025
VIX Futures (Cboe)
−Removed: The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
5 unchanged sentences
ProShares VIX Short-Term Futures ETF
−Removed: As of September 30, 2025 and 2024, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2025
+Added: As of March 31, 2026 and 2025, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in VIX futures contracts as of March 31, 2026 and 2025, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2026
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2025
−Removed: Futures Positions as of September 30, 2024
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2024
−Removed: The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
59 unchanged sentences
As a result, the Fund’s short exposure may need to be decreased.
+Added: Conversely, when the Index falls on a given day, net assets of a Short or UltraShort Fund should rise.
As a result, the Fund’s short exposure may need to be increased.
9 unchanged sentences
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.