ProShares Trust II 10-Q

10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2026 . or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from      to      . Commission file number: 001-34200 PROSHARES TRUST II (Exact name of registrant as specified in its charter) Delaware 87-6284802 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) c/o ProShare Capital Management LLC 7272 Wisconsin Avenue , 21 st Floor Bethesda , Maryland 20814 (Address of principal executive offices) (Zip Code) ( 240 ) 497-6400 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered ProShares Short VIX Short-Term Futures ETF SVXY Cboe BZX Exchange ProShares Ultra Bloomberg Crude Oil UCO NYSE Arca ProShares Ultra Bloomberg Natural Gas BOIL NYSE Arca ProShares Ultra Euro ULE NYSE Arca ProShares Ultra Gold UGL NYSE Arca ProShares Ultra Silver AGQ NYSE Arca ProShares Ultra VIX Short-Term Futures ETF UVXY Cboe BZX Exchange ProShares Ultra Yen YCL NYSE Arca ProShares UltraShort Bloomberg Crude Oil SCO NYSE Arca ProShares UltraShort Bloomberg Natural Gas KOLD NYSE Arca ProShares UltraShort Euro EUO NYSE Arca ProShares UltraShort Gold GLL NYSE Arca ProShares UltraShort Silver ZSL NYSE Arca ProShares UltraShort Yen YCS NYSE Arca ProShares VIX Mid-Term Futures ETF VIXM Cboe BZX Exchange ProShares VIX Short-Term Futures ETF VIXY Cboe BZX Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒  Yes  ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒  Yes  ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes  ☒  No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒ Yes ☐ No As of August 5 , 2026, the registrant had 131,511,975 shares of common stock, $0 par value per share, outstanding. PROSHARES TRUST II Table of Contents Page Part I. FINANCIAL INFORMATION Item 1. Financial Statements (unaudited). 1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 1 Item 3. Quantitative and Qualitative Disclosures About Market Risk. 44 Item 4. Controls and Procedures. 58 Part II. OTHER INFORMATION Item 1. Legal Proceedings. 60 Item 1A. Risk Factors. 60 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 60 Item 3. Defaults Upon Senior Securities. 61 Item 4. Mine Safety Disclosures. 61 Item 5. Other Information. 61 Item 6. Exhibits. 62 Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index Documents Page Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows: ProShares Short VIX Short-Term Futures ETF 2 ProShares Ultra Bloomberg Crude Oil 7 ProShares Ultra Bloomberg Natural Gas 12 ProShares Ultra Euro 17 ProShares Ultra Gold 22 ProShares Ultra Silver 27 ProShares Ultra VIX Short-Term Futures ETF 32 ProShares Ultra Yen 37 ProShares UltraShort Bloomberg Crude Oil 42 ProShares UltraShort Bloomberg Natural Gas 47 ProShares UltraShort Euro 52 ProShares UltraShort Gold 57 ProShares UltraShort Silver 62 ProShares UltraShort Yen 67 ProShares VIX Mid-Term Futures ETF 72 ProShares VIX Short-Term Futures ETF 77 ProShares Trust II 82 Notes to Financial Statements 86 F-1 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 44,647,705 and $ 59,898,070 , respectively) $ 44,645,753 $ 59,907,798 Affiliated investments (cost $ 75,046,500 and $ – , respectively) 75,045,000 —   Cash 14,257,532 87,603,058 Segregated cash balances with brokers for futures contracts 86,217,117 93,632,448 Receivable on open futures contracts 1,590,334 1,909,294 Receivable for dividends from affiliates 59,293 —   Interest receivable 303,760 340,241 Total assets 222,118,789 243,392,839 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 386,535 851,049 Brokerage commissions and futures account fees payable 5,609 6,400 Payable to Sponsor 179,403 184,353 Total liabilities 571,547 1,041,802 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 221,547,242 242,351,037 Total liabilities and shareholders’ equity $ 222,118,789 $ 243,392,839 Shares outstanding 3,868,614 4,368,614 Net asset value per share $ 57 .27 $ 55 .48 Market value per share (Note 2) $ 57 .26 $ 55 .38 See accompanying notes to financial statements. F-2 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 20 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.705 % due 09/10/26 $ 25,000,000 $ 24,819,295 3.763 % due 09/24/26 20,000,000 19,826,458 Total short-term U.S. government and agency obligations (cost $ 44,647,705 ) $ 44,645,753 Shares Affiliated Investments Exchange Traded Fund ( 34 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 75,046,500 ) 750,000 75,045,000 Total Investments in Securities (cost $ 119,694,205 ) $ 119,690,753 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires July 2026 3,674 $ 65,950,872 $ 10,054,253 VIX Futures - Cboe, expires August 2026 2,368 44,871,232 1,876,976 $ 11,931,229 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-3 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 1,082,679 $ 3,664,726 $ 2,304,724 $ 5,820,643 Dividends from affiliates (Note 5) 583,084 —   790,653 —   Total income 1,665,763 3,664,726 3,095,377 5,820,643 Expenses Management fee 541,259 973,113 1,031,026 1,528,502 Brokerage commissions 99,757 205,533 199,725 332,745 Futures account fees 16,359 27,459 30,217 53,156 Total expenses 657,375 1,206,105 1,260,968 1,914,403 Net investment income (loss) 1,008,388 2,458,621 1,834,409 3,906,240 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 32,396,869 2,005 13,691,256 ( 17,634,848 ) Short-term U.S. government and agency obligations —   455 —   455 Affiliated investments —   —   5,000 —   Payment from affiliate (Note 5) 24,192 —   34,394 —   Net realized gain (loss) 32,421,061 2,460 13,730,650 ( 17,634,393 ) Change in net unrealized appreciation (depreciation) on Futures contracts 15,231,904 13,636,368 ( 3,768,368 ) 13,401,093 Short-term U.S. government and agency obligations ( 1,904 ) 855 ( 11,680 ) ( 6,808 ) Affiliated investments ( 19,500 ) —   ( 1,500 ) —   Change in net unrealized appreciation (depreciation) 15,210,500 13,637,223 ( 3,781,548 ) 13,394,285 Net realized and unrealized gain (loss) 47,631,561 13,639,683 9,949,102 ( 4,240,108 ) Net income (loss) $ 48,639,949 $ 16,098,304 $ 11,783,511 $ ( 333,868 ) See accompanying notes to financial statements. F-4 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 183,969,223 $ 232,107,856 $ 242,351,037 $ 266,090,233 Addition of 500,000 , 16,400,000 , 1,000,000 and 18,650,000 shares, respectively 24,974,155 607,449,230 48,766,747 713,832,219 Redemption of 650,000 , 14,900,000 , 1,500,000 and 17,400,000 shares, respectively ( 36,036,085 ) ( 575,729,990 ) ( 81,354,053 ) ( 699,663,184 ) Net addition (redemption) of ( 150,000 ), 1,500,000 , ( 500,000 ) and 1,250,000 shares, respectively ( 11,061,930 ) 31,719,240 ( 32,587,306 ) 14,169,035 Net investment income (loss) 1,008,388 2,458,621 1,834,409 3,906,240 Net realized gain (loss) 32,421,061 2,460 13,730,650 ( 17,634,393 ) Change in net unrealized appreciation (depreciation) 15,210,500 13,637,223 ( 3,781,548 ) 13,394,285 Net income (loss) 48,639,949 16,098,304 11,783,511 ( 333,868 ) Shareholders’ equity, end of period $ 221,547,242 $ 279,925,400 $ 221,547,242 $ 279,925,400 See accompanying notes to financial statements. F-5 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 11,783,511 $ ( 333,868 ) 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 ( 179,078,390 ) ( 303,335,606 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 195,000,000 330,000,455 Cost of affiliated investments purchased ( 85,050,500 ) —   Proceeds from affiliated investments sold 10,009,000 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 671,245 ) ( 1,733,327 ) Net realized (gain) loss on investments ( 5,000 ) ( 455 ) Change in unrealized (appreciation) depreciation on investments 13,180 6,808 Decrease (Increase) in receivable on open futures contracts 318,960 ( 1,065,631 ) Decrease (Increase) in receivable for dividends from affiliates ( 59,293 ) —   Decrease (Increase) in interest receivable 36,481 ( 217,468 ) Increase (Decrease) in payable to Sponsor ( 4,950 ) ( 413 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 791 ) ( 2,318 ) Increase (Decrease) in payable on open futures contracts ( 464,514 ) ( 1,011,830 ) Net cash provided by (used in) operating activities ( 48,173,551 ) 22,306,347 Cash flow from financing activities Proceeds from addition of shares 48,766,747 713,832,219 Payment on shares redeemed ( 81,354,053 ) ( 699,663,184 ) Net cash provided by (used in) financing activities ( 32,587,306 ) 14,169,035 Net increase (decrease) in cash ( 80,760,857 ) 36,475,382 Cash, beginning of period 181,235,506 241,154,040 Cash, end of period $ 100,474,649 $ 277,629,422 See accompanying notes to financial statements. F-6 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 248,644,399 and $ 149,544,793 , respectively) $ 248,639,306 $ 149,575,489 Affiliated investments (cost $ 70,028,000 and $ – , respectively) 70,049,000 —   Cash 50,510,916 101,024,953 Segregated cash balances with brokers for futures contracts 15,179,228 38,125,720 Segregated cash balances with brokers for swap agreements —   109,128,769 Unrealized appreciation on swap agreements 391,156 —   Due from counterparty 3,496,381 —   Receivable on open futures contracts 256,600 602,246 Receivable for dividends from affiliates 110,873 —   Interest receivable 171,450 368,065 Total assets 388,804,910 398,825,242 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   2,895,283 Payable on open futures contracts 861,657 1,426,673 Payable to Sponsor 282,284 314,178 Unrealized depreciation on swap agreements 75,696,856 11,151,121 Total liabilities 76,840,797 15,787,255 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 311,964,113 383,037,987 Total liabilities and shareholders’ equity $ 388,804,910 $ 398,825,242 Shares outstanding 9,593,096 19,843,096 Net asset value per share $ 32 .52 $ 19 .30 Market value per share (Note 2) $ 32 .95 $ 19 .32 See accompanying notes to financial statements. F-7 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 80 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.806 % due 07/09/26 † $ 20,000,000 $ 19,983,888 3.678 % due 07/14/26 † 10,000,000 9,987,054 3.673 % due 08/06/26 † 85,000,000 84,692,300 3.773 % due 09/08/26 30,000,000 29,788,113 3.706 % due 09/10/26 † 40,000,000 39,710,872 3.770 % due 09/17/26 † 55,000,000 54,563,850 3.763 % due 09/24/26 † 10,000,000 9,913,229 Total short-term U.S. government and agency obligations (cost $ 248,644,399 ) $ 248,639,306 Shares Affiliated Investments Exchange Traded Fund ( 22 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 70,028,000 ) 700,000 70,049,000 Total Investments in Securities (cost $ 318,672,399 ) $ 318,688,306 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires September 2026 525 $ 36,366,750 $ ( 5,237,470 ) WTI Crude Oil - NYMEX, expires December 2026 566 38,686,100 1,696,621 WTI Crude Oil - NYMEX, expires June 2027 585 38,996,100 ( 105,078 ) $ ( 3,645,927 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 % 07/06/26 $ 62,978,759 $ ( 2,576,150 ) Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 07/06/26 163,484,486 ( 32,233,988 ) Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.25 07/06/26 207,445,344 ( 40,886,718 ) Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.30 07/06/26 75,936,938 391,156 $ ( 75,305,700 ) Total Unrealized Appreciation $ 391,156 Total Unrealized Depreciation $ ( 75,696,856 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of June 30, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-8 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 2,632,705 $ 3,240,612 $ 4,551,207 $ 6,745,716 Dividends from affiliates (Note 5) 1,114,675 —   1,803,495 —   Total income 3,747,380 3,240,612 6,354,702 6,745,716 Expenses Management fee 1,016,255 951,694 2,134,963 1,916,607 Brokerage commissions 56,298 61,348 166,497 107,916 Total expenses 1,072,553 1,013,042 2,301,460 2,024,523 Net investment income (loss) 2,674,827 2,227,570 4,053,242 4,721,193 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 68,072,675 ( 14,353,923 ) 108,222,340 ( 3,195,195 ) Swap agreements 77,435,368 ( 14,238,283 ) 260,277,893 ( 9,880,150 ) Short-term U.S. government and agency obligations —   322 —   322 Affiliated investments ( 32,428 ) —   ( 49,228 ) —   Payment from affiliate (Note 5) 48,424 —   77,510 —   Net realized gain (loss) 145,524,039 ( 28,591,884 ) 368,528,515 ( 13,075,023 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 74,612,147 ) ( 8,595,750 ) 43,180 ( 7,581,547 ) Swap agreements ( 113,381,322 ) ( 32,742,289 ) ( 64,154,579 ) ( 34,191,987 ) Short-term U.S. government and agency obligations ( 8,360 ) 2,253 ( 35,789 ) ( 26,602 ) Affiliated investments 60,660 —   21,000 —   Change in net unrealized appreciation (depreciation) ( 187,941,169 ) ( 41,335,786 ) ( 64,126,188 ) ( 41,800,136 ) Net realized and unrealized gain (loss) ( 42,417,130 ) ( 69,927,670 ) 304,402,327 ( 54,875,159 ) Net income (loss) $ ( 39,742,303 ) $ ( 67,700,100 ) $ 308,455,569 $ ( 50,153,966 ) See accompanying notes to financial statements. F-9 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 602,898,547 $ 432,463,827 $ 383,037,987 $ 523,420,064 Addition of 8,000,000 , 9,200,000 , 23,350,000 and 14,900,000 shares, respectively 330,095,494 196,937,660 850,023,608 342,452,798 Redemption of 13,950,000 , 6,450,000 , 33,600,000 and 15,250,000 shares, respectively ( 581,287,625 ) ( 141,207,874 ) ( 1,229,553,051 ) ( 395,225,383 ) Net addition (redemption) of ( 5,950,000 ), 2,750,000 , ( 10,250,000 ) and ( 350,000 ) shares, respectively ( 251,192,131 ) 55,729,786 ( 379,529,443 ) ( 52,772,585 ) Net investment income (loss) 2,674,827 2,227,570 4,053,242 4,721,193 Net realized gain (loss) 145,524,039 ( 28,591,884 ) 368,528,515 ( 13,075,023 ) Change in net unrealized appreciation (depreciation) ( 187,941,169 ) ( 41,335,786 ) ( 64,126,188 ) ( 41,800,136 ) Net income (loss) ( 39,742,303 ) ( 67,700,100 ) 308,455,569 ( 50,153,966 ) Shareholders’ equity, end of period $ 311,964,113 $ 420,493,513 $ 311,964,113 $ 420,493,513 See accompanying notes to financial statements. F-10 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 308,455,569 $ ( 50,153,966 ) 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 ( 621,111,085 ) ( 656,357,446 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 525,000,000 710,000,322 Cost of affiliated investments purchased ( 250,204,460 ) —   Proceeds from affiliated investments sold 180,127,232 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 2,988,521 ) ( 3,877,211 ) Net realized (gain) loss on investments 49,228 ( 322 ) Change in unrealized (appreciation) depreciation on investments 64,169,368 34,218,589 Decrease (Increase) in due from counterparty ( 3,496,381 ) —   Decrease (Increase) in receivable on open futures contracts 345,646 2,157,183 Decrease (Increase) in receivable for dividends from affiliates ( 110,873 ) —   Decrease (Increase) in interest receivable 196,615 33,780 Increase (Decrease) in payable to Sponsor ( 31,894 ) ( 103,457 ) Increase (Decrease) in payable on open futures contracts ( 565,016 ) 454,017 Net cash provided by (used in) operating activities 199,835,428 36,371,489 Cash flow from financing activities Proceeds from addition of shares 850,023,608 341,328,074 Payment on shares redeemed ( 1,232,448,334 ) ( 394,599,683 ) Net cash provided by (used in) financing activities ( 382,424,726 ) ( 53,271,609 ) Net increase (decrease) in cash ( 182,589,298 ) ( 16,900,120 ) Cash, beginning of period 248,279,442 385,855,334 Cash, end of period $ 65,690,144 $ 368,955,214 See accompanying notes to financial statements. F-11 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 99,644,950 and $ 234,217,281 , respectively) $ 99,638,000 $ 234,273,034 Affiliated investments (cost $ 100,049,500 and $ – , respectively) 100,070,000 —   Cash 26,058,117 141,320,716 Segregated cash balances with brokers for futures contracts 91,564,728 199,013,298 Receivable from capital shares sold —   28,186,350 Receivable on open futures contracts 16,259,564 —   Receivable for dividends from affiliates 90,830 —   Interest receivable 269,558 581,253 Total assets 333,950,797 603,374,651 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 26,284,256 —   Payable on open futures contracts —   67,963,288 Brokerage commissions and futures account fees payable 7,625 14,860 Payable to Sponsor 250,930 417,836 Total liabilities 26,542,811 68,395,984 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 307,407,986 534,978,667 Total liabilities and shareholders’ equity $ 333,950,797 $ 603,374,651 Shares outstanding (Note 1) 11,111,144 11,861,524 Net asset value per share (Note 1) $ 27.67 $ 45.10 Market value per share (Note 1) (Note 2) $ 27.44 $ 45.80 See accompanying notes to financial statements. F-12 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 32 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.645 % due 08/06/26 $ 100,000,000 $ 99,638,000 Total short-term U.S. government and agency obligations (cost $ 99,644,950 ) $ 99,638,000 Shares Affiliated Investments Exchange Traded Fund ( 33 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 100,049,500 ) 1,000,000 100,070,000 Total Investments in Securities (cost $ 199,694,450 ) $ 199,708,000 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Natural Gas - NYMEX, expires September 2026 19,249 $ 614,813,060 $ 4,878,818 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-13 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 2,019,001 $ 2,079,577 $ 4,792,683 $ 4,980,630 Dividends from affiliates (Note 5) 1,044,838 —   1,478,171 —   Total income 3,063,839 2,079,577 6,270,854 4,980,630 Expenses Management fee 948,756 548,526 1,992,507 1,251,579 Brokerage commissions 439,496 288,858 852,057 571,013 Futures account fees 31,025 18,071 78,240 116,609 Total expenses 1,419,277 855,455 2,922,804 1,939,201 Net investment income (loss) 1,644,562 1,224,122 3,348,050 3,041,429 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 57,395,045 ) ( 12,342,109 ) 14,982,770 210,263,119 Swap agreements ( 5 ) —   ( 5 ) —   Short-term U.S. government and agency obligations 22 ( 224 ) 9,550 ( 224 ) Affiliated investments ( 27,412 ) —   ( 27,412 ) —   Payment from affiliate (Note 5) 44,515 —   63,275 —   Net realized gain (loss) ( 57,377,925 ) ( 12,342,333 ) 15,028,178 210,262,895 Change in net unrealized appreciation (depreciation) on Futures contracts 31,126,328 ( 84,894,683 ) 136,975,690 ( 127,006,905 ) Short-term U.S. government and agency obligations ( 6,820 ) ( 309 ) ( 62,703 ) ( 26,980 ) Affiliated investments 40,000 —   20,500 —   Change in net unrealized appreciation (depreciation) 31,159,508 ( 84,894,992 ) 136,933,487 ( 127,033,885 ) Net realized and unrealized gain (loss) ( 26,218,417 ) ( 97,237,325 ) 151,961,665 83,229,010 Net income (loss) $ ( 24,573,855 ) $ ( 96,013,203 ) $ 155,309,715 $ 86,270,439 See accompanying notes to financial statements. F-14 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 378,628,694 $ 232,237,503 $ 534,978,667 $ 396,081,499 Addition of 18,475,000 , 6,575,000 , 45,225,000 and 9,225,000 shares, respectively (Note 1) 497,479,345 689,968,536 1,440,168,864 1,029,287,052 Redemption of 19,175,380 , 4,325,000 , 45,975,380 and 9,225,000 shares, respectively (Note 1) ( 544,126,198 ) ( 491,435,042 ) ( 1,823,049,260 ) ( 1,176,881,196 ) Net addition (redemption) of ( 700,380 ), 2,250,000 , ( 750,380 ) and – shares, respectively (Note 1) ( 46,646,853 ) 198,533,494 ( 382,880,396 ) ( 147,594,144 ) Net investment income (loss) 1,644,562 1,224,122 3,348,050 3,041,429 Net realized gain (loss) ( 57,377,925 ) ( 12,342,333 ) 15,028,178 210,262,895 Change in net unrealized appreciation (depreciation) 31,159,508 ( 84,894,992 ) 136,933,487 ( 127,033,885 ) Net income (loss) ( 24,573,855 ) ( 96,013,203 ) 155,309,715 86,270,439 Shareholders’ equity, end of period $ 307,407,986 $ 334,757,794 $ 307,407,986 $ 334,757,794 See accompanying notes to financial statements. F-15 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 155,309,715 $ 86,270,439 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 ( 398,104,310 ) ( 387,844,619 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 534,609,251 469,917,565 Cost of affiliated investments purchased ( 140,103,500 ) —   Proceeds from affiliated investments sold 40,026,588 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 1,923,060 ) ( 2,332,472 ) Net realized (gain) loss on investments 17,862 224 Change in unrealized (appreciation) depreciation on investments 42,203 26,980 Decrease (Increase) in receivable on open futures contracts ( 16,259,564 ) —   Decrease (Increase) in receivable for dividends from affiliates ( 90,830 ) —   Decrease (Increase) in interest receivable 311,695 288,867 Increase (Decrease) in payable to Sponsor ( 166,906 ) ( 199,605 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 7,235 ) ( 7,329 ) Increase (Decrease) in payable on open futures contracts ( 67,963,288 ) 18,396,087 Net cash provided by (used in) operating activities 105,698,621 184,516,137 Cash flow from financing activities Proceeds from addition of shares 1,468,355,214 982,318,775 Payment on shares redeemed ( 1,796,765,004 ) ( 1,176,881,196 ) Net cash provided by (used in) financing activities ( 328,409,790 ) ( 194,562,421 ) Net increase (decrease) in cash ( 222,711,169 ) ( 10,046,284 ) Cash, beginning of period 340,334,014 323,011,189 Cash, end of period $ 117,622,845 $ 312,964,905 See accompanying notes to financial statements. F-16 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 1,994,278 and $ – , respectively) $ 1,994,224 $ —   Cash 3,076,855 5,185,710 Segregated cash balances with brokers for foreign currency forward contracts —   666,667 Unrealized appreciation on foreign currency forward contracts 576 62,719 Interest receivable 8,643 15,545 Total assets 5,080,298 5,930,641 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 3,922 4,756 Unrealized depreciation on foreign currency forward contracts 126,416 29 Total liabilities 130,338 4,785 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 4,949,960 5,925,856 Total liabilities and shareholders’ equity $ 5,080,298 $ 5,930,641 Shares outstanding 400,000 450,000 Net asset value per share $ 12 .37 $ 13 .17 Market value per share (Note 2) $ 12 .36 $ 13 .16 See accompanying notes to financial statements. F-17 Table of Contents PROSHARES ULTRA EURO SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 40 % of shareholders’ equity) U.S. Treasury Bills^^: 3.656 % due 07/30/26 † $ 2,000,000 $ 1,994,224 Total short-term U.S. government and agency obligations (cost $ 1,994,278 ) $ 1,994,224 Foreign Currency Forward Contracts^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 07/17/26 3,554,921 $ 4,064,844 $ ( 50,804 ) Euro with UBS AG 07/17/26 5,265,502 6,020,792 ( 75,453 ) Total Unrealized Depreciation $ ( 126,257 ) Contracts to Sell Euro with Goldman Sachs International 07/17/26 ( 81,000 ) $ ( 92,619 ) $ 576 Euro with UBS AG 07/17/26 ( 81,000 ) ( 92,619 ) ( 159 ) Total Unrealized Appreciation $ 417 † All or partial amount pledged as collateral for foreign currency forward contracts. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-18 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 47,346 $ 68,572 $ 94,187 $ 114,044 Total income 47,346 68,572 94,187 114,044 Expenses Management fee 13,061 18,079 27,870 29,891 Total expenses 13,061 18,079 27,870 29,891 Net investment income (loss) 34,285 50,493 66,317 84,153 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 45,142 ) 616,633 ( 224,784 ) 777,150 Net realized gain (loss) ( 45,142 ) 616,633 ( 224,784 ) 777,150 Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 77,992 ) 415,771 ( 188,530 ) 610,648 Short-term U.S. government and agency obligations ( 54 ) —   ( 54 ) —   Change in net unrealized appreciation (depreciation) ( 78,046 ) 415,771 ( 188,584 ) 610,648 Net realized and unrealized gain (loss) ( 123,188 ) 1,032,404 ( 413,368 ) 1,387,798 Net income (loss) $ ( 88,903 ) $ 1,082,897 $ ( 347,051 ) $ 1,471,951 See accompanying notes to financial statements. F-19 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 6,347,565 $ 5,111,473 $ 5,925,856 $ 5,751,156 Addition of – , 200,000 , 50,000 and 200,000 shares, respectively —   2,513,699 679,857 2,513,699 Redemption of 100,000 , – , 100,000 and 100,000 shares, respectively ( 1,308,702 ) —   ( 1,308,702 ) ( 1,028,737 ) Net addition (redemption) of ( 100,000 ), 200,000 , ( 50,000 ) and 100,000 shares, respectively ( 1,308,702 ) 2,513,699 ( 628,845 ) 1,484,962 Net investment income (loss) 34,285 50,493 66,317 84,153 Net realized gain (loss) ( 45,142 ) 616,633 ( 224,784 ) 777,150 Change in net unrealized appreciation (depreciation) ( 78,046 ) 415,771 ( 188,584 ) 610,648 Net income (loss) ( 88,903 ) 1,082,897 ( 347,051 ) 1,471,951 Shareholders’ equity, end of period $ 4,949,960 $ 8,708,069 $ 4,949,960 $ 8,708,069 See accompanying notes to financial statements. F-20 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 347,051 ) $ 1,471,951 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 4,974,191 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 3,000,000 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 20,087 ) —   Change in unrealized (appreciation) depreciation on investments 188,584 ( 610,648 ) Decrease (Increase) in interest receivable 6,902 ( 5,598 ) Increase (Decrease) in payable to Sponsor ( 834 ) 1,764 Net cash provided by (used in) operating activities ( 2,146,677 ) 857,469 Cash flow from financing activities Proceeds from addition of shares 679,857 2,513,699 Payment on shares redeemed ( 1,308,702 ) ( 1,028,737 ) Net cash provided by (used in) financing activities ( 628,845 ) 1,484,962 Net increase (decrease) in cash ( 2,775,522 ) 2,342,431 Cash, beginning of period 5,852,377 5,903,547 Cash, end of period $ 3,076,855 $ 8,245,978 See accompanying notes to financial statements. F-21 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 398,507,049 and $ 548,601,553 , respectively) $ 398,489,670 $ 548,706,159 Affiliated investments (cost $ 180,072,000 and $ – , respectively) 180,126,000 —   Cash 61,461,361 379,927,481 Segregated cash balances with brokers for futures contracts 23,778,267 59,232,000 Segregated cash balances with brokers for swap agreements —   18,097,800 Unrealized appreciation on swap agreements —   28,676,455 Due from counterparty 8,043,678 —   Receivable from capital shares sold 6,607,322 —   Receivable for dividends from affiliates 196,040 —   Interest receivable 216,868 662,431 Total assets 678,919,206 1,035,302,326 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 4,404,882 5,589,989 Payable on open futures contracts 210,535 14,210,474 Payable to Sponsor 529,587 814,922 Unrealized depreciation on swap agreements 32,882,489 —   Total liabilities 38,027,493 20,615,385 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 640,891,713 1,014,686,941 Total liabilities and shareholders’ equity $ 678,919,206 $ 1,035,302,326 Shares outstanding 14,550,000 18,150,000 Net asset value per share $ 44 .05 $ 55 .91 Market value per share (Note 2) $ 43 .87 $ 55 .52 See accompanying notes to financial statements. F-22 Table of Contents PROSHARES ULTRA GOLD SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 62 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.660 % due 07/30/26 † $ 150,000,000 $ 149,566,815 3.642 % due 08/06/26 † 200,000,000 199,276,000 3.773 % due 09/08/26 50,000,000 49,646,855 Total short-term U.S. government and agency obligations (cost $ 398,507,049 ) $ 398,489,670 Shares Affiliated Investments Exchange Traded Fund ( 28 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 180,072,000 ) 1,800,000 180,126,000 Total Investments in Securities (cost $ 578,579,049 ) $ 578,615,670 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures - COMEX, expires August 2026 911 $ 367,907,350 $ ( 43,082,533 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 07/06/26 $ 513,880,285 $ ( 20,923,069 ) Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.25 07/06/26 94,104,736 ( 7,586,111 ) Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 07/06/26 304,968,995 ( 4,373,309 ) Total Unrealized Depreciation $ ( 32,882,489 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of June 30, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-23 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 5,227,533 $ 5,119,975 $ 13,317,296 $ 8,858,522 Dividends from affiliates (Note 5) 2,546,130 —   3,978,367 —   Total income 7,773,663 5,119,975 17,295,663 8,858,522 Expenses Management fee 2,080,734 1,197,578 5,010,657 2,061,122 Brokerage commissions 22,489 26,535 76,645 45,879 Total expenses 2,103,223 1,224,113 5,087,302 2,107,001 Net investment income (loss) 5,670,440 3,895,862 12,208,361 6,751,521 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 124,752,536 ) 42,515,493 20,220,213 71,847,565 Swap agreements ( 112,125,387 ) 43,642,546 ( 28,403,646 ) 72,739,060 Short-term U.S. government and agency obligations —   77 —   77 Affiliated investments 38,202 —   124,752 —   Payment from affiliate (Note 5) 108,616 —   180,238 —   Net realized gain (loss) ( 236,731,105 ) 86,158,116 ( 7,878,443 ) 144,586,702 Change in net unrealized appreciation (depreciation) on Futures contracts 34,892,725 ( 33,165,219 ) ( 80,380,812 ) ( 3,032,218 ) Swap agreements ( 41,208,791 ) ( 28,291,491 ) ( 61,558,944 ) ( 2,377,888 ) Short-term U.S. government and agency obligations ( 16,408 ) 2,408 ( 121,985 ) ( 19,478 ) Affiliated investments ( 48,000 ) —   54,000 —   Change in net unrealized appreciation (depreciation) ( 6,380,474 ) ( 61,454,302 ) ( 142,007,741 ) ( 5,429,584 ) Net realized and unrealized gain (loss) ( 243,111,579 ) 24,703,814 ( 149,886,184 ) 139,157,118 Net income (loss) $ ( 237,441,139 ) $ 28,599,676 $ ( 137,677,823 ) $ 145,908,639 See accompanying notes to financial statements. F-24 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 1,053,863,221 $ 480,619,425 $ 1,014,686,941 $ 289,709,332 Addition of 3,450,000 , 7,250,000 , 9,600,000 and 10,650,000 shares, respectively 181,911,860 250,023,550 586,508,968 346,724,313 Redemption of 6,300,000 , 8,150,000 , 13,200,000 and 8,950,000 shares, respectively ( 357,442,229 ) ( 274,237,408 ) ( 822,626,373 ) ( 297,337,041 ) Net addition (redemption) of ( 2,850,000 ), ( 900,000 ), ( 3,600,000 ) and 1,700,000 shares, respectively ( 175,530,369 ) ( 24,213,858 ) ( 236,117,405 ) 49,387,272 Net investment income (loss) 5,670,440 3,895,862 12,208,361 6,751,521 Net realized gain (loss) ( 236,731,105 ) 86,158,116 ( 7,878,443 ) 144,586,702 Change in net unrealized appreciation (depreciation) ( 6,380,474 ) ( 61,454,302 ) ( 142,007,741 ) ( 5,429,584 ) Net income (loss) ( 237,441,139 ) 28,599,676 ( 137,677,823 ) 145,908,639 Shareholders’ equity, end of period $ 640,891,713 $ 485,005,243 $ 640,891,713 $ 485,005,243 See accompanying notes to financial statements. F-25 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 137,677,823 ) $ 145,908,639 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 ( 1,949,532,901 ) ( 865,029,856 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 2,108,000,000 870,000,077 Cost of affiliated investments purchased ( 520,242,150 ) —   Proceeds from affiliated investments sold 340,294,902 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 8,372,595 ) ( 5,115,329 ) Net realized (gain) loss on investments ( 124,752 ) ( 77 ) Change in unrealized (appreciation) depreciation on investments 61,626,929 2,397,366 Decrease (Increase) in due from counterparty ( 8,043,678 ) —   Decrease (Increase) in receivable on open futures contracts —   ( 1,894,169 ) Decrease (Increase) in receivable for dividends from affiliates ( 196,040 ) —   Decrease (Increase) in interest receivable 445,563 ( 679,124 ) Increase (Decrease) in payable to Sponsor ( 285,335 ) 159,616 Increase (Decrease) in payable on open futures contracts ( 13,999,939 ) —   Net cash provided by (used in) operating activities ( 128,107,819 ) 145,747,143 Cash flow from financing activities Proceeds from addition of shares 579,901,646 346,724,313 Payment on shares redeemed ( 823,811,480 ) ( 290,457,542 ) Net cash provided by (used in) financing activities ( 243,909,834 ) 56,266,771 Net increase (decrease) in cash ( 372,017,653 ) 202,013,914 Cash, beginning of period 457,257,281 215,158,372 Cash, end of period $ 85,239,628 $ 417,172,286 See accompanying notes to financial statements. F-26 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 939,733,563 and $ 967,111,002 , respectively) $ 939,739,692 $ 967,310,974 Affiliated investments (cost $ 280,112,000 and $ – , respectively) 280,196,000 —   Cash 72,886,474 803,492,250 Segregated cash balances with brokers for futures contracts 88,533,257 185,737,500 Unrealized appreciation on swap agreements 2,869,644 313,913,258 Receivable from capital shares sold 17,163,549 109,152,231 Receivable on open futures contracts 9,023,582 —   Receivable for dividends from affiliates 252,772 —   Interest receivable 412,381 1,543,277 Total assets 1,411,077,351 2,381,149,490 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 7,999,929 142,327,483 Payable to Sponsor 1,138,183 1,536,740 Unrealized depreciation on swap agreements 132,065,295 —   Total liabilities 141,203,407 143,864,223 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 1,269,873,944 2,237,285,267 Total liabilities and shareholders’ equity $ 1,411,077,351 $ 2,381,149,490 Shares outstanding 18,496,526 14,346,526 Net asset value per share $ 68 .65 $ 155 .95 Market value per share (Note 2) $ 68 .01 $ 155 .12 See accompanying notes to financial statements. F-27 Table of Contents PROSHARES ULTRA SILVER SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 74 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.677 % due 07/14/26 † $ 250,000,000 $ 249,676,350 3.674 % due 07/30/26 † 60,000,000 59,826,726 3.667 % due 08/06/26 † 95,000,000 94,656,100 3.773 % due 09/08/26 † 70,000,000 69,505,597 3.770 % due 09/17/26 † 205,000,000 203,374,350 3.760 % due 09/24/26 † 265,000,000 262,700,569 Total short-term U.S. government and agency obligations (cost $ 939,733,563 ) $ 939,739,692 Shares Affiliated Investments Exchange Traded Fund ( 22 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 280,112,000 ) 2,800,000 280,196,000 Total Investments in Securities (cost $ 1,219,845,563 ) $ 1,219,935,692 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires September 2026 2,412 $ 722,659,320 $ ( 55,109,618 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/ Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 07/06/26 $ 776,411,607 $ ( 79,642,009 ) Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 1.50 07/06/26 172,913,127 ( 26,627,453 ) Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.80 07/06/26 168,043,596 ( 25,795,833 ) Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.36 07/06/26 699,997,668 2,869,644 $ ( 129,195,651 ) Total Unrealized Appreciation $ 2,869,644 Total Unrealized Depreciation $ ( 132,065,295 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of June 30, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-28 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 11,530,778 $ 6,095,350 $ 26,100,001 $ 12,115,255 Dividends from affiliates (Note 5) 4,043,046 —   5,973,753 —   Total income 15,573,824 6,095,350 32,073,754 12,115,255 Expenses Management fee 4,220,154 1,485,223 10,454,233 3,001,678 Brokerage commissions 77,234 58,272 184,682 104,828 Total expenses 4,297,388 1,543,495 10,638,915 3,106,506 Net investment income (loss) 11,276,436 4,551,855 21,434,839 9,008,749 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 298,925,767 ) 45,180,695 ( 125,830,415 ) 68,353,031 Swap agreements ( 313,469,955 ) 54,018,148 ( 127,236,007 ) 85,556,599 Short-term U.S. government and agency obligations ( 6,976 ) ( 12 ) ( 6,721 ) ( 12 ) Affiliated investments 37,049 —   164,049 —   Payment from affiliate (Note 5) 173,106 —   271,591 —   Net realized gain (loss) ( 612,192,543 ) 99,198,831 ( 252,637,503 ) 153,909,618 Change in net unrealized appreciation (depreciation) on Futures contracts ( 19,713,708 ) ( 39,005,923 ) ( 474,355,017 ) 19,765,588 Swap agreements ( 178,429,799 ) ( 34,495,578 ) ( 443,108,909 ) 46,047,534 Short-term U.S. government and agency obligations ( 174 ) 4,316 ( 193,843 ) ( 32,836 ) Affiliated investments ( 37,500 ) —   84,000 —   Change in net unrealized appreciation (depreciation) ( 198,181,181 ) ( 73,497,185 ) ( 917,573,769 ) 65,780,286 Net realized and unrealized gain (loss) ( 810,373,724 ) 25,701,646 ( 1,170,211,272 ) 219,689,904 Net income (loss) $ ( 799,097,288 ) $ 30,253,501 $ ( 1,148,776,433 ) $ 228,698,653 See accompanying notes to financial statements. F-29 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 1,852,945,623 $ 717,992,459 $ 2,237,285,267 $ 562,083,293 Addition of 7,600,000 , 5,000,000 , 19,750,000 and 9,850,000 shares, respectively 782,658,026 198,521,933 2,758,493,582 402,233,812 Redemption of 4,850,000 , 5,650,000 , 15,600,000 and 11,550,000 shares, respectively ( 566,632,417 ) ( 238,571,882 ) ( 2,577,128,472 ) ( 484,819,747 ) Net addition (redemption) of 2,750,000 , ( 650,000 ), 4,150,000 and ( 1,700,000 ) shares, respectively 216,025,609 ( 40,049,949 ) 181,365,110 ( 82,585,935 ) Net investment income (loss) 11,276,436 4,551,855 21,434,839 9,008,749 Net realized gain (loss) ( 612,192,543 ) 99,198,831 ( 252,637,503 ) 153,909,618 Change in net unrealized appreciation (depreciation) ( 198,181,181 ) ( 73,497,185 ) ( 917,573,769 ) 65,780,286 Net income (loss) ( 799,097,288 ) 30,253,501 ( 1,148,776,433 ) 228,698,653 Shareholders’ equity, end of period $ 1,269,873,944 $ 708,196,011 $ 1,269,873,944 $ 708,196,011 See accompanying notes to financial statements. F-30 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 1,148,776,433 ) $ 228,698,653 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 ( 3,926,674,757 ) ( 1,253,080,617 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 3,972,231,875 1,264,975,424 Cost of affiliated investments purchased ( 1,000,582,250 ) —   Proceeds from affiliated investments sold 720,634,299 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 18,186,400 ) ( 7,152,728 ) Net realized (gain) loss on investments ( 157,328 ) 12 Change in unrealized (appreciation) depreciation on investments 443,218,752 ( 46,014,698 ) Decrease (Increase) in receivable on open futures contracts ( 9,023,582 ) —   Decrease (Increase) in receivable for dividends from affiliates ( 252,772 ) —   Decrease (Increase) in interest receivable 1,130,896 ( 575,078 ) Increase (Decrease) in payable to Sponsor ( 398,557 ) 34,250 Increase (Decrease) in payable on open futures contracts ( 134,327,554 ) 635,400 Net cash provided by (used in) operating activities ( 1,101,163,811 ) 187,520,618 Cash flow from financing activities Proceeds from addition of shares 2,850,482,264 402,233,812 Payment on shares redeemed ( 2,577,128,472 ) ( 484,819,747 ) Net cash provided by (used in) financing activities 273,353,792 ( 82,585,935 ) Net increase (decrease) in cash ( 827,810,019 ) 104,934,683 Cash, beginning of period 989,229,750 491,827,274 Cash, end of period $ 161,419,731 $ 596,761,957 See accompanying notes to financial statements. F-31 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ – and $ 99,753,597 , respectively) $ —   $ 99,775,566 Affiliated investments (cost $ 50,020,000 and $ – , respectively) 50,030,000 —   Cash 28,834,894 20,831,598 Segregated cash balances with brokers for futures contracts 166,832,849 272,061,021 Receivable from capital shares sold 13,652,345 —   Receivable on open futures contracts —   17,868,535 Receivable for dividends from affiliates 56,250 —   Interest receivable 516,678 633,386 Total assets 259,923,016 411,170,106 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   3,584,487 Payable on open futures contracts 12,308,291 6,790,097 Brokerage commissions and futures account fees payable 29,960 39,021 Payable to Sponsor 248,677 350,365 Total liabilities 12,586,928 10,763,970 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 247,336,088 400,406,136 Total liabilities and shareholders’ equity $ 259,923,016 $ 411,170,106 Shares outstanding 9,967,347 11,167,347 Net asset value per share $ 24 .81 $ 35 .86 Market value per share (Note 2) $ 24 .89 $ 35 .93 See accompanying notes to financial statements. F-32 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Shares Value Affiliated Investments Exchange Traded Fund ( 20 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 50,020,000 ) 500,000 50,030,000 Total Investments in Securities (cost $50,020,000) $ 50,030,000 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires July 2026 12,313 $ 221,026,969 $ ( 26,368,569 ) VIX Futures - Cboe, expires August 2026 7,909 149,867,641 ( 6,519,048 ) $ ( 32,887,617 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. See accompanying notes to financial statements. F-33 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 1,737,367 $ 2,804,863 $ 3,712,951 $ 5,692,389 Dividends from affiliates (Note 5) 760,092 —   1,098,093 —   Total income 2,497,459 2,804,863 4,811,044 5,692,389 Expenses Management fee 919,269 906,425 1,772,627 1,742,735 Brokerage commissions 644,706 621,171 1,283,038 1,508,883 Futures account fees 109,212 126,256 178,377 213,163 Total expenses 1,673,187 1,653,852 3,234,042 3,464,781 Net investment income (loss) 824,272 1,151,011 1,577,002 2,227,608 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 192,491,371 ) 56,045,179 ( 116,494,011 ) 155,966,636 Short-term U.S. government and agency obligations —   ( 1,849 ) 52 ( 1,919 ) Affiliated investments ( 8,777 ) —   3,223 —   Payment from affiliate (Note 5) 32,338 —   48,649 —   Net realized gain (loss) ( 192,467,810 ) 56,043,330 ( 116,442,087 ) 155,964,717 Change in net unrealized appreciation (depreciation) on Futures contracts ( 56,859,023 ) ( 88,993,838 ) 23,187,545 ( 69,352,758 ) Short-term U.S. government and agency obligations —   1,101 ( 21,969 ) ( 6,618 ) Affiliated investments ( 4,800 ) —   10,000 —   Change in net unrealized appreciation (depreciation) ( 56,863,823 ) ( 88,992,737 ) 23,175,576 ( 69,359,376 ) Net realized and unrealized gain (loss) ( 249,331,633 ) ( 32,949,407 ) ( 93,266,511 ) 86,605,341 Net income (loss) $ ( 248,507,361 ) $ ( 31,798,396 ) $ ( 91,689,509 ) $ 88,832,949 See accompanying notes to financial statements. F-34 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 295,275,255 $ 323,381,943 $ 400,406,136 $ 284,452,060 Addition of 19,350,000 , 7,870,000 , 29,950,000 and 16,940,000 shares, respectively (Note 1) 694,400,439 968,627,629 1,122,948,429 1,849,646,517 Redemption of 15,050,000 , 4,430,000 , 31,150,000 and 13,480,000 shares, respectively (Note 1) ( 493,832,245 ) ( 680,802,268 ) ( 1,184,328,968 ) ( 1,643,522,618 ) Net addition (redemption) of 4,300,000 , 3,440,000 , ( 1,200,000 ) and 3,460,000 shares, respectively (Note 1) 200,568,194 287,825,361 ( 61,380,539 ) 206,123,899 Net investment income (loss) 824,272 1,151,011 1,577,002 2,227,608 Net realized gain (loss) ( 192,467,810 ) 56,043,330 ( 116,442,087 ) 155,964,717 Change in net unrealized appreciation (depreciation) ( 56,863,823 ) ( 88,992,737 ) 23,175,576 ( 69,359,376 ) Net income (loss) ( 248,507,361 ) ( 31,798,396 ) ( 91,689,509 ) 88,832,949 Shareholders’ equity, end of period $ 247,336,088 $ 579,408,908 $ 247,336,088 $ 579,408,908 See accompanying notes to financial statements. F-35 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 91,689,509 ) $ 88,832,949 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 ( 50,824,121 ) ( 283,607,982 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 150,979,905 294,604,547 Cost of affiliated investments purchased ( 225,163,000 ) —   Proceeds from affiliated investments sold 175,146,223 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 402,135 ) ( 1,055,094 ) Net realized (gain) loss on investments ( 3,275 ) 1,919 Change in unrealized (appreciation) depreciation on investments 11,969 6,618 Decrease (Increase) in receivable on open futures contracts 17,868,535 9,002,751 Decrease (Increase) in receivable for dividends from affiliates ( 56,250 ) —   Decrease (Increase) in interest receivable 116,708 ( 219,723 ) Increase (Decrease) in payable to Sponsor ( 101,688 ) 120,670 Increase (Decrease) in brokerage commissions and futures account fees payable ( 9,061 ) 23,118 Increase (Decrease) in payable on open futures contracts 5,518,194 18,424,666 Net cash provided by (used in) operating activities ( 18,607,505 ) 126,134,439 Cash flow from financing activities Proceeds from addition of shares 1,109,296,084 1,816,907,301 Payment on shares redeemed ( 1,187,913,455 ) ( 1,643,522,618 ) Net cash provided by (used in) financing activities ( 78,617,371 ) 173,384,683 Net increase (decrease) in cash ( 97,224,876 ) 299,519,122 Cash, beginning of period 292,892,619 250,621,829 Cash, end of period $ 195,667,743 $ 550,140,951 See accompanying notes to financial statements. F-36 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 6,979,973 and $ – , respectively) $ 6,979,785 $ —   Affiliated investments (cost $ 11,004,400 and $ – , respectively) 11,006,600 —   Cash 14,124,775 43,846,101 Segregated cash balances with brokers for foreign currency forward contracts —   5,912,013 Unrealized appreciation on foreign currency forward contracts 7,708 1,161 Receivable for dividends from affiliates 8,696 —   Interest receivable 40,189 128,447 Total assets 32,167,753 49,887,722 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 23,594 38,563 Unrealized depreciation on foreign currency forward contracts 958,033 1,183,809 Total liabilities 981,627 1,222,372 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 31,186,126 48,665,350 Total liabilities and shareholders’ equity $ 32,167,753 $ 49,887,722 Shares outstanding 1,799,970 2,549,970 Net asset value per share $ 17 .33 $ 19 .08 Market value per share (Note 2) $ 17 .38 $ 19 .06 See accompanying notes to financial statements. F-37 Table of Contents PROSHARES ULTRA YEN SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 22 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.656 % due 07/30/26 † $ 7,000,000 $ 6,979,785 Total short-term U.S. government and agency obligations (cost $ 6,979,973 ) $ 6,979,785 Shares Affiliated Investments Exchange Traded Fund ( 35 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 11,004,400 ) 110,000 11,006,600 Total Investments in Securities (cost $ 17,984,373 ) $ 17,986,385 Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with Goldman Sachs International 07/17/26 4,976,213,056 $ 30,648,621 $ ( 467,958 ) Yen with UBS AG 07/17/26 5,334,459,856 32,855,072 ( 490,075 ) Total Unrealized Depreciation $ ( 958,033 ) Contracts to Sell Yen with Goldman Sachs International 07/17/26 ( 52,416,000 ) $ ( 322,831 ) $ 2,467 Yen with UBS AG 07/17/26 ( 131,909,000 ) ( 812,431 ) 5,241 Total Unrealized Appreciation $ 7,708 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for foreign currency forward contracts. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-38 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 219,316 $ 580,313 $ 519,892 $ 1,108,434 Dividends from affiliates (Note 5) 120,938 —   174,435 —   Total income 340,254 580,313 694,327 1,108,434 Expenses Management fee 91,093 153,765 203,396 290,779 Total expenses 91,093 153,765 203,396 290,779 Net investment income (loss) 249,161 426,548 490,931 817,655 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 1,512,145 ) 1,428,203 ( 4,432,905 ) 3,070,845 Affiliated investments 1,897 —   1,897 —   Payment from affiliate (Note 5) 5,147 —   7,714 —   Net realized gain (loss) ( 1,505,101 ) 1,428,203 ( 4,423,294 ) 3,070,845 Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 696,534 ) 2,283,730 232,323 4,951,669 Short-term U.S. government and agency obligations ( 67 ) —   ( 188 ) —   Affiliated investments ( 2,600 ) —   2,200 —   Change in net unrealized appreciation (depreciation) ( 699,201 ) 2,283,730 234,335 4,951,669 Net realized and unrealized gain (loss) ( 2,204,302 ) 3,711,933 ( 4,188,959 ) 8,022,514 Net income (loss) $ ( 1,955,141 ) $ 4,138,481 $ ( 3,698,028 ) $ 8,840,169 See accompanying notes to financial statements. F-39 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 45,015,244 $ 61,327,343 $ 48,665,350 $ 44,505,646 Addition of – , 350,000 , 150,000 and 1,250,000 shares, respectively —   8,043,589 2,802,959 26,787,301 Redemption of 650,000 , 300,000 , 900,000 and 600,000 shares, respectively ( 11,873,977 ) ( 7,047,974 ) ( 16,584,155 ) ( 13,671,677 ) Net addition (redemption) of ( 650,000 ), 50,000 , ( 750,000 ) and 650,000 shares, respectively ( 11,873,977 ) 995,615 ( 13,781,196 ) 13,115,624 Net investment income (loss) 249,161 426,548 490,931 817,655 Net realized gain (loss) ( 1,505,101 ) 1,428,203 ( 4,423,294 ) 3,070,845 Change in net unrealized appreciation (depreciation) ( 699,201 ) 2,283,730 234,335 4,951,669 Net income (loss) ( 1,955,141 ) 4,138,481 ( 3,698,028 ) 8,840,169 Shareholders’ equity, end of period $ 31,186,126 $ 66,461,439 $ 31,186,126 $ 66,461,439 See accompanying notes to financial statements. F-40 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 3,698,028 ) $ 8,840,169 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 ( 31,855,014 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 25,000,000 —   Cost of affiliated investments purchased ( 16,006,400 ) —   Proceeds from affiliated investments sold 5,003,897 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 124,959 ) —   Net realized (gain) loss on investments ( 1,897 ) —   Change in unrealized (appreciation) depreciation on investments ( 234,335 ) ( 4,951,669 ) Decrease (Increase) in receivable for dividends from affiliates ( 8,696 ) —   Decrease (Increase) in interest receivable 88,258 ( 54,493 ) Increase (Decrease) in payable to Sponsor ( 14,969 ) 15,212 Net cash provided by (used in) operating activities ( 21,852,143 ) 3,849,219 Cash flow from financing activities Proceeds from addition of shares 2,802,959 26,787,301 Payment on shares redeemed ( 16,584,155 ) ( 13,671,677 ) Net cash provided by (used in) financing activities ( 13,781,196 ) 13,115,624 Net increase (decrease) in cash ( 35,633,339 ) 16,964,843 Cash, beginning of period 49,758,114 48,608,105 Cash, end of period $ 14,124,775 $ 65,572,948 See accompanying notes to financial statements. F-41 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 278,948,083 and $ 44,906,073 , respectively) $ 278,944,830 $ 44,913,599 Affiliated investments (cost $ 300,255,420 and $ – , respectively) 300,210,000 —   Cash 59,378,220 19,951,883 Segregated cash balances with brokers for futures contracts 234,271,843 22,519,576 Receivable from capital shares sold —   981,948 Receivable on open futures contracts 21,576,467 1,186,923 Receivable for dividends from affiliates 199,558 —   Interest receivable 727,437 124,609 Total assets 895,308,355 89,678,538 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 12,416,793 —   Payable on open futures contracts —   139,029 Payable to Sponsor 852,745 73,119 Total liabilities 13,269,538 212,148 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 882,038,817 89,466,390 Total liabilities and shareholders’ equity $ 895,308,355 $ 89,678,538 Shares outstanding (Note 1) 24,863,302 1,138,805 Net asset value per share (Note 1) $ 35 .48 $ 78 .56 Market value per share (Note 1) (Note 2) $ 35 .02 $ 78 .44 See accompanying notes to financial statements. F-42 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 32 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.806 % due 07/09/26 $ 50,000,000 $ 49,959,720 3.778 % due 07/21/26 100,000,000 99,800,000 3.633 % due 08/06/26 30,000,000 29,891,400 3.773 % due 09/08/26 100,000,000 99,293,710 Total short-term U.S. government and agency obligations (cost $ 278,948,083 ) $ 278,944,830 Shares Affiliated Investments Exchange Traded Fund ( 34 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 300,255,420 ) 3,000,000 300,210,000 Total Investments in Securities (cost $ 579,203,503 ) $ 579,154,830 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires September 2026 8,124 $ 562,749,480 $ 140,697,627 WTI Crude Oil - NYMEX, expires December 2026 8,754 598,335,900 84,094,539 WTI Crude Oil - NYMEX, expires June 2027 9,046 603,006,360 60,234,957 $ 285,027,123 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-43 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 6,034,097 $ 1,176,354 $ 7,365,892 $ 3,111,177 Dividends from affiliates (Note 5) 3,019,466 —   3,700,898 —   Total income 9,053,563 1,176,354 11,066,790 3,111,177 Expenses Management fee 2,707,032 294,244 3,345,203 775,568 Brokerage commissions 444,442 62,422 563,868 123,198 Total expenses 3,151,474 356,666 3,909,071 898,766 Net investment income (loss) 5,902,089 819,688 7,157,719 2,212,411 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 233,450,154 ) 32,210,113 ( 330,310,811 ) 41,144,012 Short-term U.S. government and agency obligations 413 ( 483 ) 411 ( 483 ) Affiliated investments ( 71,549 ) —   ( 71,549 ) —   Payment from affiliate (Note 5) 128,775 —   153,254 —   Net realized gain (loss) ( 233,392,515 ) 32,209,630 ( 330,228,695 ) 41,143,529 Change in net unrealized appreciation (depreciation) on Futures contracts 329,873,520 14,026,553 273,002,005 17,511,380 Short-term U.S. government and agency obligations ( 1,873 ) 277 ( 10,779 ) —   Affiliated investments 98,000 —   ( 45,420 ) —   Change in net unrealized appreciation (depreciation) 329,969,647 14,026,830 272,945,806 17,511,380 Net realized and unrealized gain (loss) 96,577,132 46,236,460 ( 57,282,889 ) 58,654,909 Net income (loss) $ 102,479,221 $ 47,056,148 $ ( 50,125,170 ) $ 60,867,320 See accompanying notes to financial statements. F-44 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 989,256,741 $ 179,185,227 $ 89,466,390 $ 121,997,334 Addition of 44,587,500 , 2,475,000 , 78,462,500 and 5,000,000 shares, respectively (Note 1) 1,260,683,650 164,503,631 2,540,536,711 322,257,722 Redemption of 49,050,503 , 3,275,000 , 54,738,003 and 4,925,000 shares, respectively (Note 1) ( 1,470,380,795 ) ( 255,467,536 ) ( 1,697,839,114 ) ( 369,844,906 ) Net addition (redemption) of ( 4,463,003 ), ( 800,000 ), 23,724,497 and 75,000 shares, respectively (Note 1) ( 209,697,145 ) ( 90,963,905 ) 842,697,597 ( 47,587,184 ) Net investment income (loss) 5,902,089 819,688 7,157,719 2,212,411 Net realized gain (loss) ( 233,392,515 ) 32,209,630 ( 330,228,695 ) 41,143,529 Change in net unrealized appreciation (depreciation) 329,969,647 14,026,830 272,945,806 17,511,380 Net income (loss) 102,479,221 47,056,148 ( 50,125,170 ) 60,867,320 Shareholders’ equity, end of period $ 882,038,817 $ 135,277,470 $ 882,038,817 $ 135,277,470 See accompanying notes to financial statements. F-45 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 50,125,170 ) $ 60,867,320 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 ( 970,118,438 ) ( 253,591,971 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 739,859,413 254,917,637 Cost of affiliated investments purchased ( 460,471,670 ) —   Proceeds from affiliated investments sold 160,144,701 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 3,782,574 ) ( 1,326,149 ) Net realized (gain) loss on investments 71,138 483 Change in unrealized (appreciation) depreciation on investments 56,199 —   Decrease (Increase) in receivable on open futures contracts ( 20,389,544 ) ( 548,948 ) Decrease (Increase) in receivable for dividends from affiliates ( 199,558 ) —   Decrease (Increase) in interest receivable ( 602,828 ) ( 9,078 ) Increase (Decrease) in payable to Sponsor 779,626 17,424 Increase (Decrease) in payable on open futures contracts ( 139,029 ) ( 2,372,844 ) Net cash provided by (used in) operating activities ( 604,917,734 ) 57,953,874 Cash flow from financing activities Proceeds from addition of shares 2,541,518,659 325,644,078 Payment on shares redeemed ( 1,685,422,321 ) ( 363,536,345 ) Net cash provided by (used in) financing activities 856,096,338 ( 37,892,267 ) Net increase (decrease) in cash 251,178,604 20,061,607 Cash, beginning of period 42,471,459 120,735,111 Cash, end of period $ 293,650,063 $ 140,796,718 See accompanying notes to financial statements. F-46 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ – and $ 69,807,867 , respectively) $ —   $ 69,821,093 Affiliated investments (cost $ 45,018,000 and $ – , respectively) 45,031,500 —   Cash 52,968,760 24,344,867 Segregated cash balances with brokers for futures contracts 40,079,158 49,604,357 Receivable from capital shares sold 7,859,710 —   Receivable on open futures contracts —   15,938,672 Receivable for dividends from affiliates 50,636 —   Interest receivable 245,315 201,070 Total assets 146,235,079 159,910,059 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   14,316,465 Payable on open futures contracts 6,140,541 1,060,496 Brokerage commissions and futures account fees payable 2,656 6,012 Payable to Sponsor 108,620 149,995 Total liabilities 6,251,817 15,532,968 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 139,983,262 144,377,091 Total liabilities and shareholders’ equity $ 146,235,079 $ 159,910,059 Shares outstanding 6,233,712 4,033,712 Net asset value per share $ 22.46 $ 35.79 Market value per share (Note 2) $ 22.65 $ 35.27 See accompanying notes to financial statements. F-47 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited)    Shares              Affiliated Investments Exchange Traded Fund ( 32 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 45,018,000 ) 450,000 45,031,500 Total Investments in Securities (cost $ 45,018,000 ) $ 45,031,500 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Natural Gas - NYMEX, expires September 2026 8,765 $ 279,954,100 $ 577,621 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. See accompanying notes to financial statements. F-48 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 811,304 $ 3,919,799 $ 2,624,020 $ 8,363,249 Dividends from affiliates (Note 5) 443,285 —   744,332 —   Total income 1,254,589 3,919,799 3,368,352 8,363,249 Expenses Management fee 383,335 972,550 1,100,457 2,059,769 Brokerage commissions 216,918 525,062 732,352 1,029,562 Futures account fees 9,242 26,697 37,707 72,737 Total expenses 609,495 1,524,309 1,870,516 3,162,068 Net investment income (loss) 645,094 2,395,490 1,497,836 5,201,181 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 69,502,325 124,600,984 249,344,756 ( 97,226,728 ) Short-term U.S. government and agency obligations —   ( 8,338 ) 1,718 ( 8,338 ) Affiliated investments 9,778 —   34,278 —   Payment from affiliate (Note 5) 18,946 —   34,702 —   Net realized gain (loss) 69,531,049 124,592,646 249,415,454 ( 97,235,066 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 41,472,530 ) 80,953,188 ( 53,365,916 ) 66,356,953 Short-term U.S. government and agency obligations ( 30 ) 2,307 ( 13,226 ) 505 Affiliated investments ( 2,500 ) —   13,500 —   Change in net unrealized appreciation (depreciation) ( 41,475,060 ) 80,955,495 ( 53,365,642 ) 66,357,458 Net realized and unrealized gain (loss) 28,055,989 205,548,141 196,049,812 ( 30,877,608 ) Net income (loss) $ 28,701,083 $ 207,943,631 $ 197,547,648 $ ( 25,676,427 ) See accompanying notes to financial statements. F-49 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 206,828,508 $ 573,853,468 $ 144,377,091 $ 260,940,143 Addition of 12,000,000 , 18,750,000 , 77,100,000 and 65,750,000 shares, respectively 270,402,602 423,029,768 1,484,968,891 1,589,675,595 Redemption of 15,250,000 , 36,750,000 , 74,900,000 and 60,600,000 shares, respectively ( 365,948,931 ) ( 921,560,230 ) ( 1,686,910,368 ) ( 1,541,672,674 ) Net addition (redemption) of ( 3,250,000 ), ( 18,000,000 ), 2,200,000 and 5,150,000 shares, respectively ( 95,546,329 ) ( 498,530,462 ) ( 201,941,477 ) 48,002,921 Net investment income (loss) 645,094 2,395,490 1,497,836 5,201,181 Net realized gain (loss) 69,531,049 124,592,646 249,415,454 ( 97,235,066 ) Change in net unrealized appreciation (depreciation) ( 41,475,060 ) 80,955,495 ( 53,365,642 ) 66,357,458 Net income (loss) 28,701,083 207,943,631 197,547,648 ( 25,676,427 ) Shareholders’ equity, end of period $ 139,983,262 $ 283,266,637 $ 139,983,262 $ 283,266,637 See accompanying notes to financial statements. F-50 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 197,547,648 $ ( 25,676,427 ) 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 ( 78,678,699 ) ( 755,466,782 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 148,940,588 719,712,566 Cost of affiliated investments purchased ( 140,056,000 ) —   Proceeds from affiliated investments sold 95,072,278 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 452,304 ) ( 4,221,261 ) Net realized (gain) loss on investments ( 35,996 ) 8,338 Change in unrealized (appreciation) depreciation on investments ( 274 ) ( 505 ) Decrease (Increase) in receivable on open futures contracts 15,938,672 ( 19,063,819 ) Decrease (Increase) in receivable for dividends from affiliates ( 50,636 ) —   Decrease (Increase) in interest receivable ( 44,245 ) ( 184,281 ) Increase (Decrease) in payable to Sponsor ( 41,375 ) 134,630 Increase (Decrease) in brokerage commissions and futures account fees payable ( 3,356 ) 5,304 Increase (Decrease) in payable on open futures contracts 5,080,045 7,203,197 Net cash provided by (used in) operating activities 243,216,346 ( 77,549,040 ) Cash flow from financing activities Proceeds from addition of shares 1,477,109,181 1,587,131,318 Payment on shares redeemed ( 1,701,226,833 ) ( 1,523,496,529 ) Net cash provided by (used in) financing activities ( 224,117,652 ) 63,634,789 Net increase (decrease) in cash 19,098,694 ( 13,914,251 ) Cash, beginning of period 73,949,224 258,891,257 Cash, end of period $ 93,047,918 $ 244,977,006 See accompanying notes to financial statements. F-51 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 9,971,389 and $ – , respectively) $ 9,971,121 $ —   Affiliated investments (cost $ 10,004,000 and $ – , respectively) 10,006,000 —   Cash 14,361,335 31,282,858 Segregated cash balances with brokers for foreign currency forward contracts —   4,541,088 Unrealized appreciation on foreign currency forward contracts 943,149 7,632 Receivable for dividends from affiliates 7,906 —   Interest receivable 45,261 95,777 Total assets 35,334,772 35,927,355 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 27,262 28,744 Unrealized depreciation on foreign currency forward contracts 44,573 400,006 Total liabilities 71,835 428,750 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 35,262,937 35,498,605 Total liabilities and shareholders’ equity $ 35,334,772 $ 35,927,355 Shares outstanding 1,150,000 1,250,000 Net asset value per share $ 30.66 $ 28.40 Market value per share (Note 2) $ 30.62 $ 28.33 See accompanying notes to financial statements. F-52 Table of Contents PROSHARES ULTRASHORT EURO SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 28 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.656 % due 07/30/26 † $ 10,000,000 $ 9,971,121 Total short-term U.S. government and agency obligations (cost $ 9,971,389 ) $ 9,971,121 Shares Affiliated Investments Exchange Traded Fund ( 28 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 10,004,000 ) 100,000 10,006,000 Total Investments in Securities (cost $ 19,975,389 ) $ 19,977,121 Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 07/17/26 480,000 $ 548,852 $ ( 7,908 ) Euro with UBS AG 07/17/26 7,040,000 8,049,828 ( 36,665 ) Total Unrealized Depreciation $ ( 44,573 ) Contracts to Sell Euro with Goldman Sachs International 07/17/26 ( 30,041,263 ) $ ( 34,350,422 ) $ 401,712 Euro with UBS AG 07/17/26 ( 39,138,199 ) ( 44,752,234 ) 541,437 Total Unrealized Appreciation $ 943,149 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for foreign currency forward contracts. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-53 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 241,908 $ 303,400 $ 462,021 $ 651,455 Dividends from affiliates (Note 5) 88,387 —   121,823 —   Total income 330,295 303,400 583,844 651,455 Expenses Management fee 88,784 79,062 170,057 169,010 Total expenses 88,784 79,062 170,057 169,010 Net investment income (loss) 241,511 224,338 413,787 482,445 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 272,363 ( 3,936,993 ) 883,645 ( 5,567,946 ) Short-term U.S. government and agency obligations —   119 —   119 Payment from affiliate (Note 5) 3,744 —   5,348 —   Net realized gain (loss) 276,107 ( 3,936,874 ) 888,993 ( 5,567,827 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 688,073 ( 1,538,631 ) 1,290,950 ( 2,883,349 ) Short-term U.S. government and agency obligations ( 187 ) —   ( 268 ) —   Affiliated investments ( 1,000 ) —   2,000 —   Change in net unrealized appreciation (depreciation) 686,886 ( 1,538,631 ) 1,292,682 ( 2,883,349 ) Net realized and unrealized gain (loss) 962,993 ( 5,475,505 ) 2,181,675 ( 8,451,176 ) Net income (loss) $ 1,204,504 $ ( 5,251,167 ) $ 2,595,462 $ ( 7,968,731 ) See accompanying notes to financial statements. F-54 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 36,987,692 $ 33,912,850 $ 35,498,605 $ 41,892,674 Addition of 400,000 , 300,000 , 500,000 and 350,000 shares, respectively 11,587,376 8,827,978 14,516,429 10,400,342 Redemption of 500,000 , 200,000 , 600,000 and 400,000 shares, respectively ( 14,516,635 ) ( 5,922,649 ) ( 17,347,559 ) ( 12,757,273 ) Net addition (redemption) of ( 100,000 ), 100,000 , ( 100,000 ) and ( 50,000 ) shares, respectively ( 2,929,259 ) 2,905,329 ( 2,831,130 ) ( 2,356,931 ) Net investment income (loss) 241,511 224,338 413,787 482,445 Net realized gain (loss) 276,107 ( 3,936,874 ) 888,993 ( 5,567,827 ) Change in net unrealized appreciation (depreciation) 686,886 ( 1,538,631 ) 1,292,682 ( 2,883,349 ) Net income (loss) 1,204,504 ( 5,251,167 ) 2,595,462 ( 7,968,731 ) Shareholders’ equity, end of period $ 35,262,937 $ 31,567,012 $ 35,262,937 $ 31,567,012 See accompanying notes to financial statements. F-55 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 2,595,462 $ ( 7,968,731 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 34,832,481 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 25,000,000 119 Cost of affiliated investments purchased ( 10,004,000 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 138,908 ) —   Net realized (gain) loss on investments —   ( 119 ) Change in unrealized (appreciation) depreciation on investments ( 1,292,682 ) 2,883,349 Decrease (Increase) in receivable for dividends from affiliates ( 7,906 ) —   Decrease (Increase) in interest receivable 50,516 30,624 Increase (Decrease) in payable to Sponsor ( 1,482 ) ( 6,909 ) Net cash provided by (used in) operating activities ( 18,631,481 ) ( 5,061,667 ) Cash flow from financing activities Proceeds from addition of shares 14,516,429 10,400,342 Payment on shares redeemed ( 17,347,559 ) ( 12,757,273 ) Net cash provided by (used in) financing activities ( 2,831,130 ) ( 2,356,931 ) Net increase (decrease) in cash ( 21,462,611 ) ( 7,418,598 ) Cash, beginning of period 35,823,946 40,638,310 Cash, end of period $ 14,361,335 $ 33,219,712 See accompanying notes to financial statements. F-56 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 39,857,190 and $ – , respectively) $ 39,855,200 $ —   Affiliated investments (cost $ 30,014,500 and $ – , respectively) 30,021,000 —   Cash 27,883,061 66,655,665 Segregated cash balances with brokers for futures contracts 9,278,684 4,192,800 Segregated cash balances with brokers for swap agreements —   12,948,365 Unrealized appreciation on swap agreements 2,918,311 —   Receivable from capital shares sold 1,344,515 —   Receivable on open futures contracts 10,742 155,440 Receivable for dividends from affiliates 30,406 —   Interest receivable 106,179 187,856 Total assets 111,448,098 84,140,126 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 171,926 37,235 Payable to Sponsor 83,099 59,481 Unrealized depreciation on swap agreements —   2,568,196 Total liabilities 255,025 2,664,912 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 111,193,073 81,475,214 Total liabilities and shareholders’ equity $ 111,448,098 $ 84,140,126 Shares outstanding 4,136,631 3,136,631 Net asset value per share $ 26.88 $ 25.98 Market value per share (Note 2) $ 26.98 $ 26.15 See accompanying notes to financial statements. F-57 Table of Contents PROSHARES ULTRASHORT GOLD SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 36 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.639 % due 08/06/26 † $ 40,000,000 $ 39,855,200 Total short-term U.S. government and agency obligations (cost $ 39,857,190 ) $ 39,855,200 Shares Affiliated Investments Exchange Traded Fund ( 27 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 30,014,500 ) 300,000 30,021,000 Total Investments in Securities (cost $ 69,871,690 ) $ 69,876,200 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures - COMEX, expires August 2026 372 $ 150,232,200 $ 14,999,402 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 07/06/26 $ ( 49,641,886 ) $ 2,015,547 Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.20 07/06/26 ( 8,814,805 ) 708,009 Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 07/06/26 ( 13,634,094 ) 194,755 $ 2,918,311 Total Unrealized Appreciation $ 2,918,311 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of June 30, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-58 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 689,377 $ 712,768 $ 1,259,553 $ 925,475 Dividends from affiliates (Note 5) 237,897 —   321,487 —   Total income 927,274 712,768 1,581,040 925,475 Expenses Management fee 256,484 198,669 480,471 256,449 Brokerage commissions 4,828 9,743 11,873 11,822 Total expenses 261,312 208,412 492,344 268,271 Net investment income (loss) 665,962 504,356 1,088,696 657,204 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 9,904,179 5,683,372 4,210,330 4,105,748 Swap agreements 8,843,720 162,727 ( 501,468 ) ( 1,702,253 ) Affiliated investments ( 3,206 ) —   ( 1,456 ) —   Payment from affiliate (Note 5) 9,895 —   14,029 —   Net realized gain (loss) 18,754,588 5,846,099 3,721,435 2,403,495 Change in net unrealized appreciation (depreciation) on Futures contracts 4,902,721 3,028,045 15,854,449 341,396 Swap agreements 3,162,647 2,905,483 5,486,507 1,266,416 Short-term U.S. government and agency obligations ( 1,747 ) —   ( 1,990 ) —   Affiliated investments ( 1,000 ) —   6,500 —   Change in net unrealized appreciation (depreciation) 8,062,621 5,933,528 21,345,466 1,607,812 Net realized and unrealized gain (loss) 26,817,209 11,779,627 25,066,901 4,011,307 Net income (loss) $ 27,483,171 $ 12,283,983 $ 26,155,597 $ 4,668,511 See accompanying notes to financial statements. F-59 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 118,571,176 $ 45,122,935 $ 81,475,214 $ 16,624,428 Addition of 2,200,000 , 6,100,000 , 13,050,000 and 6,850,000 shares, respectively (Note 1) 49,564,977 265,960,947 251,050,672 307,975,402 Redemption of 3,850,000 , 5,275,034 , 12,050,000 and 5,375,034 shares, respectively (Note 1) ( 84,426,251 ) ( 246,529,689 ) ( 247,488,410 ) ( 252,430,165 ) Net addition (redemption) of ( 1,650,000 ), 824,966 , 1,000,000 and 1,474,966 shares, respectively (Note 1) ( 34,861,274 ) 19,431,258 3,562,262 55,545,237 Net investment income (loss) 665,962 504,356 1,088,696 657,204 Net realized gain (loss) 18,754,588 5,846,099 3,721,435 2,403,495 Change in net unrealized appreciation (depreciation) 8,062,621 5,933,528 21,345,466 1,607,812 Net income (loss) 27,483,171 12,283,983 26,155,597 4,668,511 Shareholders’ equity, end of period $ 111,193,073 $ 76,838,176 $ 111,193,073 $ 76,838,176 See accompanying notes to financial statements. F-60 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 26,155,597 $ 4,668,511 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 ( 84,505,721 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 45,000,000 —   Cost of affiliated investments purchased ( 45,025,500 ) —   Proceeds from affiliated investments sold 15,009,544 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 351,469 ) —   Net realized (gain) loss on investments 1,456 —   Change in unrealized (appreciation) depreciation on investments ( 5,491,017 ) ( 1,266,416 ) Decrease (Increase) in receivable on open futures contracts 144,698 —   Decrease (Increase) in receivable for dividends from affiliates ( 30,406 ) —   Decrease (Increase) in interest receivable 81,677 ( 142,465 ) Increase (Decrease) in payable to Sponsor 23,618 42,128 Increase (Decrease) in payable on open futures contracts 134,691 10,779 Net cash provided by (used in) operating activities ( 48,852,832 ) 3,312,537 Cash flow from financing activities Proceeds from addition of shares 249,706,157 307,975,402 Payment on shares redeemed ( 247,488,410 ) ( 252,430,165 ) Net cash provided by (used in) financing activities 2,217,747 55,545,237 Net increase (decrease) in cash ( 46,635,085 ) 58,857,774 Cash, beginning of period 83,796,830 16,519,330 Cash, end of period $ 37,161,745 $ 75,377,104 See accompanying notes to financial statements. F-61 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 44,626,859 and $ – , respectively) $ 44,628,208 $ —   Affiliated investments (cost $ 20,015,950 and $ – , respectively) 20,014,000 —   Cash 10,207,398 164,887,996 Segregated cash balances with brokers for futures contracts 12,215,100 27,244,750 Segregated cash balances with brokers for swap agreements —   37,550,350 Unrealized appreciation on swap agreements 5,523,984 —   Receivable from capital shares sold —   2,129,315 Receivable on open futures contracts 622,245 19,170,259 Receivable for dividends from affiliates 15,812 —   Interest receivable 70,394 207,484 Total assets 93,297,141 251,190,154 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   49,772,735 Payable on open futures contracts 1,816,610 —   Payable to Sponsor 78,253 74,694 Unrealized depreciation on swap agreements 171,104 4,320,147 Total liabilities 2,065,967 54,167,576 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 91,231,174 197,022,578 Total liabilities and shareholders’ equity $ 93,297,141 $ 251,190,154 Shares outstanding 2,990,818 3,701,026 Net asset value per share $ 30.50 $ 53.23 Market value per share (Note 2) $ 30.79 $ 53.40 See accompanying notes to financial statements. F-62 Table of Contents PROSHARES ULTRASHORT SILVER SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 49 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.771 % due 09/17/26 † $ 25,000,000 $ 24,801,750 3.760 % due 09/24/26 † 20,000,000 19,826,458 Total short-term U.S. government and agency obligations (cost $ 44,626,859 ) $ 44,628,208 Shares Affiliated Investments Exchange Traded Fund ( 22 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 20,015,950 ) 200,000 20,014,000 Total Investments in Securities (cost $ 64,642,809 ) $ 64,642,208 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires September 2026 341 $ 102,167,010 $ 10,415,810 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 07/06/26 $ ( 9,169,411 ) $ 939,462 Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.75 07/06/26 ( 30,076,312 ) 4,584,522 Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.36 07/06/26 ( 40,951,852 ) ( 171,104 ) $ 5,352,880 Total Unrealized Appreciation $ 5,523,984 Total Unrealized Depreciation $ ( 171,104 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for swap agreements. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. * Reflects the floating financing rate, as of June 30, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-63 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 913,905 $ 227,082 $ 2,165,937 $ 404,937 Dividends from affiliates (Note 5) 195,906 —   270,134 —   Total income 1,109,811 227,082 2,436,071 404,937 Expenses Management fee 312,255 72,877 866,999 134,248 Brokerage commissions 14,344 5,790 42,246 10,119 Total expenses 326,599 78,667 909,245 144,367 Net investment income (loss) 783,212 148,415 1,526,826 260,570 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 17,783,840 ( 778,764 ) ( 27,551,545 ) ( 2,520,178 ) Swap agreements 20,711,390 ( 2,548,468 ) 28,272,895 ( 3,916,040 ) Short-term U.S. government and agency obligations 67 —   67 —   Affiliated investments ( 4,662 ) —   ( 212 ) —   Payment from affiliate (Note 5) 8,196 —   12,301 —   Net realized gain (loss) 38,498,831 ( 3,327,232 ) 733,506 ( 6,436,218 ) Change in net unrealized appreciation (depreciation) on Futures contracts 3,969,823 891,816 19,694,661 105,765 Swap agreements 1,572,249 1,599,631 9,673,027 ( 2,666,366 ) Short-term U.S. government and agency obligations ( 1,424 ) —   1,349 —   Affiliated investments ( 1,450 ) —   ( 1,950 ) —   Change in net unrealized appreciation (depreciation) 5,539,198 2,491,447 29,367,087 ( 2,560,601 ) Net realized and unrealized gain (loss) 44,038,029 ( 835,785 ) 30,100,593 ( 8,996,819 ) Net income (loss) $ 44,821,241 $ ( 687,370 ) $ 31,627,419 $ ( 8,736,249 ) See accompanying notes to financial statements. F-64 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 141,592,802 $ 32,867,619 $ 197,022,578 $ 23,752,619 Addition of 11,650,000 , 150,000 , 62,490,000 and 265,000 shares, respectively (Note 1) 230,219,092 43,067,889 1,400,645,349 80,052,403 Redemption of 14,850,000 , 125,000 , 63,200,208 and 185,000 shares, respectively (Note 1) ( 325,401,961 ) ( 39,837,163 ) ( 1,538,064,172 ) ( 59,657,798 ) Net addition (redemption) of ( 3,200,000 ), 25,000 , ( 710,208 ) and 80,000 shares, respectively (Note 1) ( 95,182,869 ) 3,230,726 ( 137,418,823 ) 20,394,605 Net investment income (loss) 783,212 148,415 1,526,826 260,570 Net realized gain (loss) 38,498,831 ( 3,327,232 ) 733,506 ( 6,436,218 ) Change in net unrealized appreciation (depreciation) 5,539,198 2,491,447 29,367,087 ( 2,560,601 ) Net income (loss) 44,821,241 ( 687,370 ) 31,627,419 ( 8,736,249 ) Shareholders’ equity, end of period $ 91,231,174 $ 35,410,975 $ 91,231,174 $ 35,410,975 See accompanying notes to financial statements. F-65 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 31,627,419 $ ( 8,736,249 ) 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 ( 124,000,489 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 79,976,450 —   Cost of affiliated investments purchased ( 140,109,950 ) —   Proceeds from affiliated investments sold 120,093,788 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 602,753 ) —   Net realized (gain) loss on investments 145 —   Change in unrealized (appreciation) depreciation on investments ( 9,672,426 ) 2,666,366 Decrease (Increase) in receivable on open futures contracts 18,548,014 ( 83,537 ) Decrease (Increase) in receivable for dividends from affiliates ( 15,812 ) —   Decrease (Increase) in interest receivable 137,090 ( 39,788 ) Increase (Decrease) in payable to Sponsor 3,559 8,748 Increase (Decrease) in payable on open futures contracts 1,816,610 ( 9,092 ) Net cash provided by (used in) operating activities ( 22,198,355 ) ( 6,193,552 ) Cash flow from financing activities Proceeds from addition of shares 1,402,774,664 80,052,403 Payment on shares redeemed ( 1,587,836,907 ) ( 59,657,798 ) Net cash provided by (used in) financing activities ( 185,062,243 ) 20,394,605 Net increase (decrease) in cash ( 207,260,598 ) 14,201,053 Cash, beginning of period 229,683,096 20,768,601 Cash, end of period $ 22,422,498 $ 34,969,654 See accompanying notes to financial statements. F-66 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 9,971,389 and $ – , respectively) $ 9,971,121 $ —   Affiliated investments (cost $ 7,002,800 and $ – , respectively) 7,004,200 —   Cash 13,119,238 31,050,946 Segregated cash balances with brokers for foreign currency forward contracts —   3,552,908 Unrealized appreciation on foreign currency forward contracts 913,771 955,069 Receivable for dividends from affiliates 5,534 —   Interest receivable 36,002 97,946 Total assets 31,049,866 35,656,869 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 22,733 29,619 Unrealized depreciation on foreign currency forward contracts 5,836 110,834 Total liabilities 28,569 140,453 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 31,021,297 35,516,416 Total liabilities and shareholders’ equity $ 31,049,866 $ 35,656,869 Shares outstanding 547,160 697,160 Net asset value per share $ 56 .70 $ 50 .94 Market value per share (Note 2) $ 56 .62 $ 50 .90 See accompanying notes to financial statements. F-67 Table of Contents PROSHARES ULTRASHORT YEN SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 32 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.656 % due 07/30/26 † $ 10,000,000 $ 9,971,121 Total short-term U.S. government and agency obligations (cost $ 9,971,389 ) $ 9,971,121 Shares Affiliated Investments Exchange Traded Fund ( 23 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 7,002,800 ) 70,000 7,004,200 Total Investments in Securities (cost $ 16,974,189 ) $ 16,975,321 Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with UBS AG 07/17/26 49,460,000 $ 304,625 $ ( 5,836 ) Total Unrealized Depreciation $ ( 5,836 ) Contracts to Sell Yen with Goldman Sachs International 07/17/26 ( 5,045,974,165 ) $ ( 31,078,281 ) $ 465,583 Yen with UBS AG 07/17/26 ( 5,078,154,424 ) ( 31,276,480 ) 448,188 Total Unrealized Appreciation $ 913,771 (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. † All or partial amount pledged as collateral for foreign currency forward contracts. ^ The positions and counterparties herein are as of June 30, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-68 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 204,564 $ 208,788 $ 415,903 $ 417,761 Dividends from affiliates (Note 5) 61,871 —   85,276 —   Total income 266,435 208,788 501,179 417,761 Expenses Management fee 72,367 53,166 146,367 107,103 Total expenses 72,367 53,166 146,367 107,103 Net investment income (loss) 194,068 155,622 354,812 310,658 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 1,082,055 ( 1,138,324 ) 2,449,668 ( 1,297,018 ) Short-term U.S. government and agency obligations —   91 —   91 Payment from affiliate (Note 5) 2,621 —   3,744 —   Net realized gain (loss) 1,084,676 ( 1,138,233 ) 2,453,412 ( 1,296,927 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 780,527 ( 710,709 ) 63,700 ( 2,515,360 ) Short-term U.S. government and agency obligations ( 187 ) —   ( 268 ) —   Affiliated investments ( 700 ) —   1,400 —   Change in net unrealized appreciation (depreciation) 779,640 ( 710,709 ) 64,832 ( 2,515,360 ) Net realized and unrealized gain (loss) 1,864,316 ( 1,848,942 ) 2,518,244 ( 3,812,287 ) Net income (loss) $ 2,058,384 $ ( 1,693,320 ) $ 2,873,056 $ ( 3,501,629 ) See accompanying notes to financial statements. F-69 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 29,016,468 $ 26,449,371 $ 35,516,416 $ 26,080,295 Addition of 150,000 , 100,000 , 350,000 and 250,000 shares, respectively 7,972,606 4,171,255 18,289,295 10,847,681 Redemption of 150,000 , 200,000 , 500,000 and 300,000 shares, respectively ( 8,026,161 ) ( 8,367,603 ) ( 25,657,470 ) ( 12,866,644 ) Net addition (redemption) of – , ( 100,000 ), ( 150,000 ) and ( 50,000 ) shares, respectively ( 53,555 ) ( 4,196,348 ) ( 7,368,175 ) ( 2,018,963 ) Net investment income (loss) 194,068 155,622 354,812 310,658 Net realized gain (loss) 1,084,676 ( 1,138,233 ) 2,453,412 ( 1,296,927 ) Change in net unrealized appreciation (depreciation) 779,640 ( 710,709 ) 64,832 ( 2,515,360 ) Net income (loss) 2,058,384 ( 1,693,320 ) 2,873,056 ( 3,501,629 ) Shareholders’ equity, end of period $ 31,021,297 $ 20,559,703 $ 31,021,297 $ 20,559,703 See accompanying notes to financial statements. F-70 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ 2,873,056 $ ( 3,501,629 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 29,852,898 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 19,999,999 91 Cost of affiliated investments purchased ( 7,002,800 ) —   Net amortization and accretion on short-term U.S. government and agency obligations ( 118,490 ) —   Net realized (gain) loss on investments —   ( 91 ) Change in unrealized (appreciation) depreciation on investments ( 64,832 ) 2,515,360 Decrease (Increase) in receivable for dividends from affiliates ( 5,534 ) —   Decrease (Increase) in interest receivable 61,944 10,483 Increase (Decrease) in payable to Sponsor ( 6,886 ) ( 3,129 ) Net cash provided by (used in) operating activities ( 14,116,441 ) ( 978,915 ) Cash flow from financing activities Proceeds from addition of shares 18,289,295 10,847,681 Payment on shares redeemed ( 25,657,470 ) ( 12,866,644 ) Net cash provided by (used in) financing activities ( 7,368,175 ) ( 2,018,963 ) Net increase (decrease) in cash ( 21,484,616 ) ( 2,997,878 ) Cash, beginning of period 34,603,854 23,795,096 Cash, end of period $ 13,119,238 $ 20,797,218 See accompanying notes to financial statements. F-71 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 9,964,100 and $ – , respectively) $ 9,963,800 $ —   Affiliated investments (cost $ 15,006,000 and $ – , respectively) 15,009,000 —   Cash 9,859,871 38,019,261 Segregated cash balances with brokers for futures contracts 5,956,285 6,491,709 Receivable from capital shares sold —   1,143,390 Receivable on open futures contracts —   169,802 Receivable for dividends from affiliates 11,859 —   Interest receivable 43,187 117,024 Total assets 40,844,002 45,941,186 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 524,121 —   Brokerage commissions and futures account fees payable 1,492 2,156 Payable to Sponsor 26,398 27,972 Total liabilities 552,011 30,128 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 40,291,991 45,911,058 Total liabilities and shareholders’ equity $ 40,844,002 $ 45,941,186 Shares outstanding 2,812,403 3,012,403 Net asset value per share $ 14 .33 $ 15 .24 Market value per share (Note 2) $ 14 .35 $ 15 .27 See accompanying notes to financial statements. F-72 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 25 % of shareholders’ equity) U.S. Treasury Bills ^^ : 3.633 % due 08/06/26 $ 10,000,000 $ 9,963,800 Total short-term U.S. government and agency obligations (cost $ 9,964,100 ) $ 9,963,800 Shares Affiliated Investments Exchange Traded Fund ( 37 % of shareholders’ equity) Proshares Genius Money Market ETF 3.52 % (a)(b) (cost $ 15,006,000 ) 150,000 15,009,000 Total Investments in Securities (cost $ 24,970,100 ) $ 24,972,800 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires October 2026 394 $ 8,051,587 $ ( 1,115,897 ) VIX Futures - Cboe, expires November 2026 647 13,377,954 ( 1,383,736 ) VIX Futures - Cboe, expires December 2026 648 13,416,257 ( 950,685 ) VIX Futures - Cboe, expires January 2027 253 5,452,125 ( 151,321 ) $ ( 3,601,639 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-73 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 263,794 $ 216,994 $ 656,606 $ 498,093 Dividends from affiliates (Note 5) 152,911 —   219,783 —   Total income 416,705 216,994 876,389 498,093 Expenses Management fee 111,544 49,547 241,608 113,521 Brokerage commissions 7,648 5,909 22,594 18,454 Futures account fees 5,496 2,004 9,523 5,124 Total expenses 124,688 57,460 273,725 137,099 Net investment income (loss) 292,017 159,534 602,664 360,994 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 1,150,253 ) 4,726,990 ( 600,547 ) 5,434,182 Short-term U.S. government and agency obligations —   84 —   84 Affiliated investments 3,397 —   3,397 —   Payment from affiliate (Note 5) 6,542 —   9,751 —   Net realized gain (loss) ( 1,140,314 ) 4,727,074 ( 587,399 ) 5,434,266 Change in net unrealized appreciation (depreciation) on Futures contracts ( 9,095,985 ) ( 1,835,417 ) ( 1,566,090 ) ( 210,933 ) Short-term U.S. government and agency obligations ( 138 ) —   ( 300 ) —   Affiliated investments ( 3,000 ) —   3,000 —   Change in net unrealized appreciation (depreciation) ( 9,099,123 ) ( 1,835,417 ) ( 1,563,390 ) ( 210,933 ) Net realized and unrealized gain (loss) ( 10,239,437 ) 2,891,657 ( 2,150,789 ) 5,223,333 Net income (loss) $ ( 9,947,420 ) $ 3,051,191 $ ( 1,548,125 ) $ 5,584,327 See accompanying notes to financial statements. F-74 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 71,221,078 $ 34,246,807 $ 45,911,058 $ 28,111,210 Addition of 100,000 , 25,000 , 1,700,000 and 1,325,000 shares, respectively 1,544,620 418,368 26,135,956 20,545,980 Redemption of 1,425,000 , 900,000 , 1,900,000 and 1,975,000 shares, respectively ( 22,526,287 ) ( 16,178,756 ) ( 30,206,898 ) ( 32,703,907 ) Net addition (redemption) of ( 1,325,000 ), ( 875,000 ), ( 200,000 ) and ( 650,000 ) shares, respectively ( 20,981,667 ) ( 15,760,388 ) ( 4,070,942 ) ( 12,157,927 ) Net investment income (loss) 292,017 159,534 602,664 360,994 Net realized gain (loss) ( 1,140,314 ) 4,727,074 ( 587,399 ) 5,434,266 Change in net unrealized appreciation (depreciation) ( 9,099,123 ) ( 1,835,417 ) ( 1,563,390 ) ( 210,933 ) Net income (loss) ( 9,947,420 ) 3,051,191 ( 1,548,125 ) 5,584,327 Shareholders’ equity, end of period $ 40,291,991 $ 21,537,610 $ 40,291,991 $ 21,537,610 See accompanying notes to financial statements. F-75 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 1,548,125 ) $ 5,584,327 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 29,840,825 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 20,000,000 84 Cost of affiliated investments purchased ( 20,008,000 ) —   Proceeds from affiliated investments sold 5,005,397 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 123,275 ) —   Net realized (gain) loss on investments ( 3,397 ) ( 84 ) Change in unrealized (appreciation) depreciation on investments ( 2,700 ) —   Decrease (Increase) in receivable on open futures contracts 169,802 ( 68,227 ) Decrease (Increase) in receivable for dividends from affiliates ( 11,859 ) —   Decrease (Increase) in interest receivable 73,837 33,755 Increase (Decrease) in payable to Sponsor ( 1,574 ) ( 5,131 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 664 ) ( 1,013 ) Increase (Decrease) in payable on open futures contracts 524,121 ( 50,382 ) Net cash provided by (used in) operating activities ( 25,767,262 ) 5,493,329 Cash flow from financing activities Proceeds from addition of shares 27,279,346 20,127,613 Payment on shares redeemed ( 30,206,898 ) ( 32,703,907 ) Net cash provided by (used in) financing activities ( 2,927,552 ) ( 12,576,294 ) Net increase (decrease) in cash ( 28,694,814 ) ( 7,082,965 ) Cash, beginning of period 44,510,970 28,081,839 Cash, end of period $ 15,816,156 $ 20,998,874 See accompanying notes to financial statements. F-76 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ – and $ 84,730,287 , respectively) $ —   $ 84,751,266 Affiliated investments (cost $ 65,037,250 and $ – , respectively) 65,039,000 —   Cash 46,029,690 40,959,182 Segregated cash balances with brokers for futures contracts 89,787,969 100,111,309 Receivable from capital shares sold 1,063,850 —   Receivable on open futures contracts 961,529 5,340,338 Receivable for dividends from affiliates 61,420 —   Interest receivable 363,399 301,483 Total assets 203,306,857 231,463,578 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed —   3,857,756 Payable on open futures contracts 4,524,282 —   Brokerage commissions and futures account fees payable 15,433 19,394 Payable to Sponsor 119,881 121,692 Total liabilities 4,659,596 3,998,842 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 198,647,261 227,464,736 Total liabilities and shareholders’ equity $ 203,306,857 $ 231,463,578 Shares outstanding 9,341,252 8,841,252 Net asset value per share $ 21 .27 $ 25 .73 Market value per share (Note 2) $ 21 .29 $ 25 .64 See accompanying notes to financial statements. F-77 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2026 (unaudited) Shares     Affiliated Investments Exchange Traded Fund ( 33 % of shareholders’ equity) Proshares Genius Money Market ETF 3.54 % (a)(b) (cost $ 65,037,250 ) 650,000 65,039,000 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires July 2026 6,593 $ 118,348,965 $ ( 13,432,321 ) VIX Futures - Cboe, expires August 2026 4,234 80,230,066 ( 3,651,639 ) $ ( 17,083,960 ) (a) Affiliated company as defined under the Investment Company Act of 1940. (b) Represents 7-day effective yield as of June 30, 2026. See accompanying notes to financial statements. F-78 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 1,081,522 $ 1,189,233 $ 2,406,551 $ 2,751,531 Dividends from affiliates (Note 5) 511,271 —   758,638 —   Total income 1,592,793 1,189,233 3,165,189 2,751,531 Expenses Management fee 470,210 286,187 936,708 652,682 Brokerage commissions 108,204 117,436 189,645 288,163 Futures account fees 49,559 22,263 83,759 88,661 Total expenses 627,973 425,886 1,210,112 1,029,506 Net investment income (loss) 964,820 763,347 1,955,077 1,722,025 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 66,742,664 ) 44,564,343 ( 32,860,343 ) 76,773,606 Short-term U.S. government and agency obligations 5 627 5 627 Affiliated investments ( 5,059 ) —   ( 559 ) —   Payment from affiliate (Note 5) 20,982 —   33,035 —   Net realized gain (loss) ( 66,726,736 ) 44,564,970 ( 32,827,862 ) 76,774,233 Change in net unrealized appreciation (depreciation) on Futures contracts ( 30,185,924 ) ( 21,523,129 ) 4,484,303 ( 14,535,040 ) Short-term U.S. government and agency obligations ( 74 ) ( 200 ) ( 20,979 ) ( 6,808 ) Affiliated investments ( 19,250 ) —   1,750 —   Change in net unrealized appreciation (depreciation) ( 30,205,248 ) ( 21,523,329 ) 4,465,074 ( 14,541,848 ) Net realized and unrealized gain (loss) ( 96,931,984 ) 23,041,641 ( 28,362,788 ) 62,232,385 Net income (loss) $ ( 95,967,164 ) $ 23,804,988 $ ( 26,407,711 ) $ 63,954,410 See accompanying notes to financial statements. F-79 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 173,679,251 $ 162,998,741 $ 227,464,736 $ 133,641,615 Addition of 6,500,000 , 2,500,000 , 7,650,000 and 7,225,000 shares, respectively 176,545,900 133,762,860 209,293,693 332,679,299 Redemption of 2,225,000 , 2,225,000 , 7,150,000 and 6,675,000 shares, respectively ( 55,610,726 ) ( 156,024,747 ) ( 211,703,457 ) ( 365,733,482 ) Net addition (redemption) of 4,275,000 , 275,000 , 500,000 and 550,000 shares, respectively 120,935,174 ( 22,261,887 ) ( 2,409,764 ) ( 33,054,183 ) Net investment income (loss) 964,820 763,347 1,955,077 1,722,025 Net realized gain (loss) ( 66,726,736 ) 44,564,970 ( 32,827,862 ) 76,774,233 Change in net unrealized appreciation (depreciation) ( 30,205,248 ) ( 21,523,329 ) 4,465,074 ( 14,541,848 ) Net income (loss) ( 95,967,164 ) 23,804,988 ( 26,407,711 ) 63,954,410 Shareholders’ equity, end of period $ 198,647,261 $ 164,541,842 $ 198,647,261 $ 164,541,842 See accompanying notes to financial statements. F-80 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 26,407,711 ) $ 63,954,410 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Purchases of short-term U.S. government and agency obligations ( 69,739,499 ) ( 164,117,321 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 155,000,005 189,961,871 Cost of affiliated investments purchased ( 110,070,000 ) —   Proceeds from affiliated investments sold 45,032,191 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 530,214 ) ( 912,856 ) Net realized (gain) loss on investments 554 ( 627 ) Change in unrealized (appreciation) depreciation on investments 19,229 6,808 Decrease (Increase) in receivable on open futures contracts 4,378,809 2,613,474 Decrease (Increase) in receivable for dividends from affiliates ( 61,420 ) —   Decrease (Increase) in interest receivable ( 61,916 ) ( 118,434 ) Increase (Decrease) in payable to Sponsor ( 1,811 ) 31,487 Increase (Decrease) in brokerage commissions and futures account fees payable ( 3,961 ) ( 703 ) Increase (Decrease) in payable on open futures contracts 4,524,282 1,054,685 Net cash provided by (used in) operating activities 2,078,538 92,472,794 Cash flow from financing activities Proceeds from addition of shares 208,229,843 332,679,299 Payment on shares redeemed ( 215,561,213 ) ( 365,733,482 ) Net cash provided by (used in) financing activities ( 7,331,370 ) ( 33,054,183 ) Net increase (decrease) in cash ( 5,252,832 ) 59,418,611 Cash, beginning of period 141,070,491 105,874,804 Cash, end of period $ 135,817,659 $ 165,293,415 See accompanying notes to financial statements. F-81 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF FINANCIAL CONDITI ON June 30, 2026 (unaudited) December 31, 2025 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 2,133,490,927 and $ 2,258,570,523 , respectively) $ 2,133,460,710 $ 2,259,034,978 Affiliated investments (cost $ 1,258,686,320 and – , respectively) 1,258,857,300 —   Cash 505,018,497 2,000,384,525 Segregated cash balances with brokers for futures contracts 863,694,485 1,057,966,488 Segregated cash balances with brokers for foreign currency forward contracts —   14,672,676 Segregated cash balances with brokers for swap agreements —   177,725,284 Unrealized appreciation on swap agreements 11,703,095 342,589,713 Unrealized appreciation on foreign currency forward contracts 1,865,204 1,026,581 Due from counterparty 11,540,059 — Receivable from capital shares sold 47,691,291 141,593,234 Receivable on open futures contracts 50,301,063 62,341,509 Receivable for dividends from affiliates 1,157,885 —   Interest receivable 3,576,701 5,605,894 Total assets 4,888,866,290 6,062,940,882 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 43,105,931 80,016,715 Payable on open futures contracts 34,944,427 234,805,824 Brokerage commissions and futures account fees payable 62,775 87,843 Payable to Sponsor 3,975,571 4,227,029 Unrealized depreciation on swap agreements 240,815,744 18,039,464 Unrealized depreciation on foreign currency forward contracts 1,134,858 1,694,678 Total liabilities 324,039,306 338,871,553 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 4,564,826,984 5,724,069,329 Total liabilities and shareholders’ equity $ 4,888,866,290 $ 6,062,940,882 Shares outstanding (Note 1) (Note 2) 121,861,975 108,548,066 See accompanying notes to financial statements. F-82 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Interest $ 34,737,195 $ 31,608,406 $ 72,749,424 $ 62,559,311 Dividends from affiliates (Note 5) 14,923,797 —   21,519,338 —   Total income 49,660,992 31,608,406 94,268,762 62,559,311 Expenses Management fee 14,232,592 8,240,705 29,915,149 16,091,243 Brokerage commissions 2,136,363 1,988,079 4,325,222 4,152,582 Futures account fees 220,893 222,750 417,823 549,450 Total expenses 16,589,848 10,451,534 34,658,194 20,793,275 Net investment income (loss) 33,071,144 21,156,872 59,610,568 41,766,036 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 777,247,902 ) 328,054,378 ( 222,976,007 ) 513,310,950 Swap agreements ( 318,604,869 ) 81,036,670 132,409,662 142,797,216 Foreign currency forward contracts ( 202,869 ) ( 3,030,481 ) ( 1,324,376 ) ( 3,016,969 ) Short-term U.S. government and agency obligations ( 6,469 ) ( 9,131 ) 5,082 ( 9,201 ) Affiliated investments ( 62,770 ) —   186,180 —   Payment from affiliate (Note 5) 636,039 —   949,535 —   Net realized gain (loss) ( 1,095,488,840 ) 406,051,436 ( 90,749,924 ) 653,081,996 Change in net unrealized appreciation (depreciation) on Futures contracts 188,057,704 ( 165,477,989 ) ( 140,194,370 ) ( 104,237,226 ) Swap agreements ( 328,285,016 ) ( 91,024,244 ) ( 553,662,898 ) 8,077,709 Foreign currency forward contracts 694,074 450,161 1,398,443 163,608 Short-term U.S. government and agency obligations ( 39,447 ) 13,008 ( 494,672 ) ( 125,625 ) Affiliated investments 57,360 —   170,980 —   Change in net unrealized appreciation (depreciation) ( 139,515,325 ) ( 256,039,064 ) ( 692,782,517 ) ( 96,121,534 ) Net realized and unrealized gain (loss) ( 1,235,004,165 ) 150,012,372 ( 783,532,441 ) 556,960,462 Net income (loss) $ ( 1,201,933,021 ) $ 171,169,244 $ ( 723,921,873 ) $ 598,726,498 See accompanying notes to financial statements. F-83 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shareholders’ equity, beginning of period $ 6,186,097,088 $ 3,573,878,847 $ 5,724,069,329 $ 3,025,133,601 Addition of 134,962,500 , 83,245,000 , 370,377,500 and 168,680,000 shares, respectively (Note 1) 4,520,040,143 3,965,828,522 12,755,830,010 7,387,912,135 Redemption of 148,025,883 , 93,155,034 , 357,063,591 and 156,990,034 shares, respectively (Note 1) ( 4,939,377,226 ) ( 4,058,920,811 ) ( 13,191,150,482 ) ( 7,359,816,432 ) Net addition (redemption) of ( 13,063,383 ), ( 9,910,034 ), 13,313,909 and 11,689,966 shares, respectively (Note 1) ( 419,337,083 ) ( 93,092,289 ) ( 435,320,472 ) 28,095,703 Net investment income (loss) 33,071,144 21,156,872 59,610,568 41,766,036 Net realized gain (loss) ( 1,095,488,840 ) 406,051,436 ( 90,749,924 ) 653,081,996 Change in net unrealized appreciation (depreciation) ( 139,515,325 ) ( 256,039,064 ) ( 692,782,517 ) ( 96,121,534 ) Net income (loss) ( 1,201,933,021 ) 171,169,244 ( 723,921,873 ) 598,726,498 Shareholders’ equity, end of period $ 4,564,826,984 $ 3,651,955,802 $ 4,564,826,984 $ 3,651,955,802 See accompanying notes to financial statements. F-84 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flow from operating activities Net income (loss) $ ( 723,921,873 ) $ 598,726,498 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 ( 8,583,723,819 ) ( 4,922,432,200 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 8,747,597,486 5,104,090,758 Cost of affiliated investments purchased ( 3,170,100,180 ) —   Proceeds from affiliated investments sold 1,911,600,040 —   Net amortization and accretion on short-term U.S. government and agency obligations ( 38,788,989 ) ( 27,726,427 ) Net realized (gain) loss on investments ( 191,262 ) 9,201 Change in unrealized (appreciation) depreciation on investments 552,588,147 ( 8,115,692 ) Decrease (Increase) in due from counterparty ( 11,540,059 ) —   Decrease (Increase) in receivable on futures contracts 12,040,446 ( 8,950,923 ) Decrease (Increase) in receivable for dividends from affiliates ( 1,157,885 ) —   Decrease (Increase) in interest receivable 2,029,193 ( 1,848,021 ) Increase (Decrease) in payable to Sponsor ( 251,458 ) 247,285 Increase (Decrease) in brokerage commissions and futures account fees payable ( 25,068 ) 17,059 Increase (Decrease) in payable on futures contracts ( 199,861,397 ) 42,734,683 Net cash provided by (used in) operating activities ( 1,503,706,678 ) 776,752,221 Cash flow from financing activities Proceeds from addition of shares 12,849,731,953 7,307,503,630 Payment on shares redeemed ( 13,228,061,266 ) ( 7,327,826,527 ) Net cash provided by (used in) financing activities ( 378,329,313 ) ( 20,322,897 ) Net increase (decrease) in cash ( 1,882,035,991 ) 756,429,324 Cash, beginning of period 3,250,748,973 2,577,444,038 Cash, end of period $ 1,368,712,982 $ 3,333,873,362 See accompanying notes to financial statements. F-85 Table of Contents PROSHARES TRUST II NOTES TO FINANCIAL STATEMENTS June 30, 2026 (unaudited) NOTE 1 - ORGANIZATION ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of June 30, 2026, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. (“NYSE Arca”). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements. The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $ 350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen. Groups of Funds are collectively referred to in several different ways. References to “Short Fund,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories. The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation. The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -2x, 1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly. Share Splits and Reverse Share Splits The table below includes forward and reverse Share splits for the Funds during the six months ended June 30, 2026, and during the year ended December 31, 2025. The ticker symbols for these Funds did not change, and each Fund continues to trade on its primary listing exchange, as applicable. F-86 Table of Contents Fund Execution Date (Prior to Opening of Trading) Type of Split Date Trading Resumed at Post- Split Price ProShares Ultra Gold June 12, 2025 4-for-1 forward Share split June 13, 2025 ProShares UltraShort Gold June 12, 2025 1-for-2 reverse Share split June 13, 2025 ProShares UltraShort Gold November 19, 2025 1-for-2 reverse Share split November 20, 2025 ProShares Ultra VIX Short-Term Futures ETF November 19, 2025 1-for-5 reverse Share split November 20, 2025 ProShares UltraShort Silver February 26, 2026 1-for-10 reverse Share split February 27, 2026 ProShares Ultra Bloomberg Natural Gas May 27, 2026 1-for-2 reverse Share split May 28, 2026 ProShares UltraShort Bloomberg Crude Oil May 27, 2026 1-for-4 reverse Share split May 28, 2026 The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split. The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s and the Funds’ financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 28, 2026. Use of Estimates & Indemnifications The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of material or significant loss to be remote. Basis of Presentation Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund. F-87 Table of Contents 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 June 30, 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 six months ended June 30, 2026 were typically as follows. All times are Eastern Standard Time: Create/Redeem NAV Calculation NAV Fund Cut-off* Time Calculation Date Ultra Silver and UltraShort Silver 1:00 p.m. 1:25 p.m. June 30, 2026 Ultra Gold and UltraShort Gold 1:00 p.m. 1:30 p.m. June 30, 2026 Ultra Bloomberg Crude Oil 2:00 p.m. 2:30 p.m. June 30, 2026 Ultra Bloomberg Natural Gas 2:00 p.m. 2:30 p.m. June 30, 2026 UltraShort Bloomberg Crude Oil 2:00 p.m. 2:30 p.m. June 30, 2026 UltraShort Bloomberg Natural Gas 2:00 p.m. 2:30 p.m. June 30, 2026 Ultra Euro, Ultra Yen, Ultrashort Euro 3:00 p.m. 4:00 p.m. June 30, 2026 and Ultrashort Yen Short VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m. June 30, 2026 Ultra VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m. June 30, 2026 VIX Mid-Term Futures ETF 2:00 p.m. 4:00 p.m. June 30, 2026 VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m. June 30, 2026 * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the six months ended June 30, 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 six months ended June 30, 2026. Investment Valuation Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy. Exchange traded funds are generally valued at the closing price, if available, or at the last sale price, and are typically categorized as Level 1 in the fair value hierarchy. Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. These instruments are classified as Level II in the fair value hierarchy. Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would generally be F-88 Table of Contents determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy. Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements. Fair Value of Financial Instruments The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety. Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. F-89 Table of Contents The following table summarizes the valuation of investments at June 30, 2026 using the fair value hierarchy:  Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Exchange Traded Fund Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ 44,645,753 $ 75,045,000 $ 11,931,229 $ —  $ —  $ 131,621,982 ProShares Ultra Bloomberg Crude Oil 248,639,306 70,049,000 ( 3,645,927 ) —  ( 75,305,700 ) 239,736,679 ProShares Ultra Bloomberg Natural Gas 99,638,000 100,070,000 4,878,818 —  —  204,586,818 ProShares Ultra Euro 1,994,224 —  —  ( 125,840 ) —  1,868,384 ProShares Ultra Gold 398,489,670 180,126,000 ( 43,082,533 ) —  ( 32,882,489 ) 502,650,648 ProShares Ultra Silver 939,739,692 280,196,000 ( 55,109,618 ) —  ( 129,195,651 ) 1,035,630,423 ProShares Ultra VIX Short-Term Futures ETF —  50,030,000 ( 32,887,617 ) —  —  17,142,383 ProShares Ultra Yen 6,979,785 11,006,600 —  ( 950,325 ) —  17,036,060 ProShares UltraShort Bloomberg Crude Oil 278,944,830 300,210,000 285,027,123 —  —  864,181,953 ProShares UltraShort Bloomberg Natural Gas —   45,031,500 577,621 —  —  45,609,121 ProShares UltraShort Euro 9,971,121 10,006,000 —  898,576 —  20,875,697 ProShares UltraShort Gold 39,855,200 30,021,000 14,999,402 —  2,918,311 87,793,913 ProShares UltraShort Silver 44,628,208 20,014,000 10,415,810 —  5,352,880 80,410,898 ProShares UltraShort Yen 9,971,121 7,004,200 —  907,935 —  17,883,256 ProShares VIX Mid-Term Futures ETF 9,963,800 15,009,000 ( 3,601,639 ) —  —  21,371,161 ProShares VIX Short-Term Futures ETF —   65,039,000 ( 17,083,960 ) —  —  47,955,040 Combined Trust: $ 2,133,460,710 $ 1,258,857,300 $ 172,418,709 $ 730,346 $ ( 229,112,649 ) $ 3,336,354,416 * 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 period ended June 30, 2026. F-90 Table of Contents The following table summarizes the valuation of investments at December 31, 2025 using the fair value hierarchy: Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ 59,907,798 $ 15,699,597 $ —  $ —  $ 75,607,395 ProShares Ultra Bloomberg Crude Oil 149,575,489 ( 3,689,107 ) —  ( 11,151,121 ) 134,735,261 ProShares Ultra Bloomberg Natural Gas 234,273,034 ( 132,096,872 ) —  —  102,176,162 ProShares Ultra Euro —  —  62,690 —  62,690 ProShares Ultra Gold 548,706,159 37,298,279 —  28,676,455 614,680,893 ProShares Ultra Silver 967,310,974 419,245,399 —  313,913,258 1,700,469,631 ProShares Ultra VIX Short-Term Futures ETF 99,775,566 ( 56,075,162 ) —  —  43,700,404 ProShares Ultra Yen —  —  ( 1,182,648 ) —  ( 1,182,648 ) ProShares UltraShort Bloomberg Crude Oil 44,913,599 12,025,118 —  —  56,938,717 ProShares UltraShort Bloomberg Natural Gas 69,821,093 53,943,537 —  —  123,764,630 ProShares UltraShort Euro —  —  ( 392,374 ) —  ( 392,374 ) ProShares UltraShort Gold —  ( 855,047 ) —  ( 2,568,196 ) ( 3,423,243 ) ProShares UltraShort Silver —  ( 9,278,851 ) —  ( 4,320,147 ) ( 13,598,998 ) ProShares UltraShort Yen —  —  844,235 —  844,235 ProShares VIX Mid-Term Futures ETF —  ( 2,035,549 ) —  —  ( 2,035,549 ) ProShares VIX Short-Term Futures ETF 84,751,266 ( 21,568,263 ) —  —  63,183,003 Combined Trust: $ 2,259,034,978 $ 312,613,079 $ ( 668,097 ) $ 324,550,249 $ 2,895,530,209 * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. There were no transfers into or out of Level 3 for the year ended December 31, 2025. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. Investment Transactions and Related Income Investment transactions are recorded on the trade date. Gains or losses realized on sales of securities are determined using the specific identification method. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations. Interest income is recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations. Interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or segregated cash balances with brokers. Dividend income is recognized on an ex-dividend date basis. Brokerage Commissions and Futures Account Fees Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02 % of the Matching VIX Fund’s average net assets annually. F-91 Table of Contents Federal Income Tax Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year. Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., last three years and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof. Segment Reporting Each Fund included herein is deemed to be an individual reporting segment and the officers of ProShares Trust II, collectively act as the chief operating decision maker (“CODM”). The CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is guided by each Fund’s investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s financial statements. NOTE 3 – INVESTMENTS Short-Term Investments The Funds may purchase U.S. Treasury Bills, agency securities, Exchange Traded Funds, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. Repurchase Agreements The Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Sponsor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The collateral underlying the repurchase agreement is held by the Fund’s custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy, or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Sponsor. As of June 30, 2026 and December 31, 2025, the Funds did not have any open repurchase agreements. F-92 Table of Contents Accounting for Derivative Instruments In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective. All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period. Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type. Futures Contracts The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying Index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract. Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. Option Contracts An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value. F-93 Table of Contents When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed. Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof. The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss. Swap Agreements Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments. Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements. F-94 Table of Contents Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques. Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. All of the outstanding swap agreements at June 30, 2026 contractually terminate within one month but may be terminated without penalty by either party at any time. Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount. The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of June 30, 2026, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Forward Contracts Certain of the Funds enter into forward contracts for the purpose of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contracts are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. F-95 Table of Contents Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in increased reporting requirements. The Funds may collateralize OTC forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at a third party custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of June 30, 2026, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin. A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor. The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. F-96 Table of Contents 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 June 30, 2026 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ 11,931,229 * $ —   ProShares Ultra VIX Short-Term Futures ETF —   32,887,617 * ProShares VIX Mid-Term Futures ETF —   3,601,639 * ProShares VIX Short-Term Futures ETF —   17,083,960 * Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements ProShares Ultra Bloomberg Crude Oil 2,087,777 * 81,039,404 * ProShares Ultra Bloomberg Natural Gas 4,878,818 * —   ProShares Ultra Gold —   75,965,022 * ProShares Ultra Silver 2,869,644 * 187,174,913 * ProShares UltraShort Bloomberg Crude Oil 285,027,123 * —   ProShares UltraShort Bloomberg Natural Gas 577,621 * —  ProShares UltraShort Gold 17,917,713 * —   ProShares UltraShort Silver 15,939,794 * 171,104 * Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro 576 126,416 ProShares Ultra Yen 7,708 958,033 ProShares UltraShort Euro 943,149 44,573 ProShares UltraShort Yen 913,771 5,836 Combined Trust: $ 343,094,923 * $ 399,058,517 * * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. F-97 Table of Contents Fair Value of Derivative Instruments as of December 31, 2025 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ 15,699,597 * $ —  ProShares Ultra VIX Short-Term Futures ETF —  56,075,162 * ProShares VIX Mid-Term Futures ETF 33,097 * 2,068,646 * ProShares VIX Short-Term Futures ETF —  21,568,263 * Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements ProShares Ultra Bloomberg Crude Oil —  14,840,228 * ProShares Ultra Bloomberg Natural Gas —   132,096,872 * ProShares Ultra Gold 65,974,734 * —   ProShares Ultra Silver 733,158,657 * —   ProShares UltraShort Bloomberg Crude Oil 12,025,118 * —   ProShares UltraShort Bloomberg Natural Gas 53,943,537 * —   ProShares UltraShort Gold —   3,423,243 * ProShares UltraShort Silver 2,243,402 * 15,842,400 * Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro 62,719 29 ProShares Ultra Yen 1,161 1,183,809 ProShares UltraShort Euro 7,632 400,006 ProShares UltraShort Yen 955,069 110,834 Combined Trust: $ 884,104,723 * $ 247,609,492 * * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures. F-98 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the three months ended June 30, 2026 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ 32,396,869 $ 15,231,904 ProShares Ultra VIX Short-Term Futures ETF ( 192,491,371 ) ( 56,859,023 ) ProShares VIX Mid-Term Futures ETF ( 1,150,253 ) ( 9,095,985 ) ProShares VIX Short-Term Futures ETF ( 66,742,664 ) ( 30,185,924 ) Commodities Contracts Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements ProShares Ultra Bloomberg Crude Oil 145,508,043 ( 187,993,469 ) ProShares Ultra Bloomberg Natural Gas ( 57,395,050 ) 31,126,328 ProShares Ultra Gold ( 236,877,923 ) ( 6,316,066 ) ProShares Ultra Silver ( 612,395,722 ) ( 198,143,507 ) ProShares UltraShort Bloomberg Crude Oil ( 233,450,154 ) 329,873,520 ProShares UltraShort Bloomberg Natural Gas 69,502,325 ( 41,472,530 ) ProShares UltraShort Gold 18,747,899 8,065,368 ProShares UltraShort Silver 38,495,230 5,542,072 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 ( 45,142 ) ( 77,992 ) ProShares Ultra Yen ( 1,512,145 ) ( 696,534 ) ProShares UltraShort Euro 272,363 688,073 ProShares UltraShort Yen 1,082,055 780,527 Combined Trust $ ( 1,096,055,640 ) $ ( 139,533,238 ) F-99 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the six months ended June 30, 2026 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ 13,691,256 $ ( 3,768,368 ) ProShares Ultra VIX Short-Term Futures ETF ( 116,494,011 ) 23,187,545 ProShares VIX Mid-Term Futures ETF ( 600,547 ) ( 1,566,090 ) ProShares VIX Short-Term Futures ETF ( 32,860,343 ) 4,484,303 Commodities Contracts Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements ProShares Ultra Bloomberg Crude Oil 368,500,233 ( 64,111,399 ) ProShares Ultra Bloomberg Natural Gas 14,982,765 136,975,690 ProShares Ultra Gold ( 8,183,433 ) ( 141,939,756 ) ProShares Ultra Silver ( 253,066,422 ) ( 917,463,926 ) ProShares UltraShort Bloomberg Crude Oil ( 330,310,811 ) 273,002,005 ProShares UltraShort Bloomberg Natural Gas 249,344,756 ( 53,365,916 ) ProShares UltraShort Gold 3,708,862 21,340,956 ProShares UltraShort Silver 721,350 29,367,688 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 ( 224,784 ) ( 188,530 ) ProShares Ultra Yen ( 4,432,905 ) 232,323 ProShares UltraShort Euro 883,645 1,290,950 ProShares UltraShort Yen 2,449,668 63,700 Combined Trust: $ ( 91,890,721 ) $ ( 692,458,825 ) F-100 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the three months ended June 30, 2025 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ 2,005 $ 13,636,368 ProShares Ultra VIX Short-Term Futures ETF 56,045,179 ( 88,993,838 ) ProShares VIX Mid-Term Futures ETF 4,726,990 ( 1,835,417 ) ProShares VIX Short-Term Futures ETF 44,564,343 ( 21,523,129 ) Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements ProShares Ultra Bloomberg Crude Oil ( 28,592,206 ) ( 41,338,039 ) ProShares Ultra Bloomberg Natural Gas ( 12,342,109 ) ( 84,894,683 ) ProShares Ultra Gold 86,158,039 ( 61,456,710 ) ProShares Ultra Silver 99,198,843 ( 73,501,501 ) ProShares UltraShort Bloomberg Crude Oil 32,210,113 14,026,553 ProShares UltraShort Bloomberg Natural Gas 124,600,984 80,953,188 ProShares UltraShort Gold 5,846,099 5,933,528 ProShares UltraShort Silver ( 3,327,232 ) 2,491,447 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 616,633 415,771 ProShares Ultra Yen 1,428,203 2,283,730 ProShares UltraShort Euro ( 3,936,993 ) ( 1,538,631 ) ProShares UltraShort Yen ( 1,138,324 ) ( 710,709 ) Combined Trust $ 406,060,567 $ ( 256,052,072 ) F-101 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the six months ended June 30, 2025 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts ProShares Short VIX Short-Term Futures ETF $ ( 17,634,848 ) $ 13,401,093 ProShares Ultra VIX Short-Term Futures ETF 155,966,636 ( 69,352,758 ) ProShares VIX Mid-Term Futures ETF 5,434,182 ( 210,933 ) ProShares VIX Short-Term Futures ETF 76,773,606 ( 14,535,040 ) Commodities Contracts Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements ProShares Ultra Bloomberg Crude Oil ( 13,075,345 ) ( 41,773,534 ) ProShares Ultra Bloomberg Natural Gas 210,263,119 ( 127,006,905 ) ProShares Ultra Gold 144,586,625 ( 5,410,106 ) ProShares Ultra Silver 153,909,630 65,813,122 ProShares UltraShort Bloomberg Crude Oil 41,144,012 17,511,380 ProShares UltraShort Bloomberg Natural Gas ( 97,226,728 ) 66,356,953 ProShares UltraShort Gold 2,403,495 1,607,812 ProShares UltraShort Silver ( 6,436,218 ) ( 2,560,601 ) 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 777,150 610,648 ProShares Ultra Yen 3,070,845 4,951,669 ProShares UltraShort Euro ( 5,567,946 ) ( 2,883,349 ) ProShares UltraShort Yen ( 1,297,018 ) ( 2,515,360 ) Combined Trust: $ 653,091,197 $ ( 95,995,909 ) F-102 Table of Contents Offsetting Assets and Liabilities Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2026. Fair Values of Derivative Instruments as of June 30, 2026 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ 391,156 $ —   $ 391,156 $ 75,696,856 $ —   $ 75,696,856 ProShares Ultra Euro Foreign currency forward contracts 576 —   576 126,416 —   126,416 ProShares Ultra Gold Swap agreements —   —   —   32,882,489 —   32,882,489 ProShares Ultra Silver Swap agreements 2,869,644 —   2,869,644 132,065,295 —   132,065,295 ProShares Ultra Yen Foreign currency forward contracts 7,708 —   7,708 958,033 —   958,033 ProShares UltraShort Euro Foreign currency forward contracts 943,149 —   943,149 44,573 —   44,573 ProShares UltraShort Gold Swap agreements 2,918,311 —   2,918,311 —   —   —   ProShares UltraShort Silver Swap agreements 5,523,984 —   5,523,984 171,104 —   171,104 ProShares UltraShort Yen Foreign currency forward contracts 913,771 —   913,771 5,836 —   5,836 Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at June 30, 2026. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Deri vative Instruments”. F-103 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 2026 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank, N.A. $ ( 2,576,150 ) $ 2,576,150 $ —   $ —   Goldman Sachs International ( 32,233,988 ) 32,233,988 —   —   Societe Generale ( 40,886,718 ) 40,886,718 —   —   UBS AG 391,156 ( 391,156 ) —   —   ProShares Ultra Euro Goldman Sachs International ( 50,228 ) 50,228 —   —   UBS AG ( 75,612 ) 75,612 —   —   ProShares Ultra Gold Citibank, N.A. ( 20,923,069 ) 20,923,069 —   —   Goldman Sachs International ( 7,586,111 ) 7,586,111 —   —   UBS AG ( 4,373,309 ) 4,373,309 —   —   ProShares Ultra Silver Citibank, N.A. ( 79,642,009 ) 79,642,009 —   —   Goldman Sachs International ( 26,627,453 ) 26,627,453 —   —   Morgan Stanley & Co. International PLC ( 25,795,833 ) 25,795,833 —   —   UBS AG 2,869,644 —   —   2,869,644 ProShares Ultra Yen Goldman Sachs International ( 465,491 ) 465,491 —   —   UBS AG ( 484,834 ) 484,834 —   —   ProShares UltraShort Euro Goldman Sachs International 393,804 ( 393,804 ) —   —   UBS AG 504,772 ( 504,772 ) —   —   ProShares UltraShort Gold Citibank, N.A. 2,015,547 ( 2,015,547 ) —   —   Goldman Sachs International 708,009 ( 708,009 ) —   —   UBS AG 194,755 ( 194,755 ) —   —   ProShares UltraShort Silver Citibank, N.A. 939,462 ( 939,462 ) —   —   Goldman Sachs International 4,584,522 ( 4,584,522 ) —   —   UBS AG ( 171,104 ) 171,104 —   —   ProShares UltraShort Yen Goldman Sachs International 465,583 ( 271,321 ) —   194,262 UBS AG 442,352 ( 291,607 ) —   150,745 The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available fo r offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2025: F-104 Table of Contents Fair Values of Derivative Instruments as of December 31, 2025 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ —   $ —   $ —   $ 11,151,121 $ —   $ 11,151,121 ProShares Ultra Euro Foreign currency forward contracts 62,719 —   62,719 29 —   29 ProShares Ultra Gold Swap agreements 28,676,455 —   28,676,455 —   —   —   ProShares Ultra Silver Swap agreements 313,913,258 —   313,913,258 —   —   —   ProShares Ultra Yen Foreign currency forward contracts 1,161 —   1,161 1,183,809 —   1,183,809 ProShares UltraShort Euro Foreign currency forward contracts 7,632 —   7,632 400,006 —   400,006 ProShares UltraShort Gold Swap agreements —   —   —   2,568,196 —   2,568,196 ProShares UltraShort Silver Swap agreements —   —   —   4,320,147 —   4,320,147 ProShares UltraShort Yen Foreign currency forward contracts 955,069 —   955,069 110,834 —   110,834 Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments” F-105 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2025 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank, N.A. $ ( 1,000,501 ) $ —   $ 1,000,501 $ —   Goldman Sachs International ( 4,341,571 ) —   4,341,571 —   Morgan Stanley & Co. International PLC ( 1,318,911 ) 1,318,911 —   —   Societe Generale ( 3,285,599 ) —   3,285,599 —   UBS AG ( 1,204,539 ) —   1,204,539 —   ProShares Ultra Euro Goldman Sachs International 31,315 —   —   31,315 UBS AG 31,375 —   —   31,375 ProShares Ultra Gold Citibank, N.A. 16,272,555 ( 16,272,555 ) —   —   Goldman Sachs International 2,924,937 ( 2,924,937 ) —   —   UBS AG 9,478,963 ( 9,478,963 ) —   —   ProShares Ultra Silver Citibank, N.A. 149,280,584 ( 149,280,584 ) —   —   Goldman Sachs International 10,108,427 ( 10,108,427 ) —   —   Morgan Stanley & Co. International PLC 68,581,771 ( 68,581,771 ) —   —   UBS AG 85,942,476 ( 85,942,476 ) —   —   ProShares Ultra Yen Goldman Sachs International ( 582,024 ) —   582,024 —   UBS AG ( 600,624 ) —   600,624 —   ProShares UltraShort Euro Goldman Sachs International ( 202,439 ) —   202,439 —   UBS AG ( 189,935 ) —   189,935 —   ProShares UltraShort Gold Citibank, N.A. ( 1,863,184 ) —   1,863,184 —   Goldman Sachs International ( 276,649 ) —   276,649 —   UBS AG ( 428,363 ) —   428,363 —   ProShares UltraShort Silver Citibank, N.A. ( 1,454,002 ) —   1,454,002 —   Goldman Sachs International ( 4,490,093 ) —   4,490,093 —   Morgan Stanley & Co. International PLC ( 619,454 ) —   619,454 —   UBS AG 2,243,402 —   —   2,243,402 ProShares UltraShort Yen Goldman Sachs International 435,346 ( 281,679 ) —   153,667 UBS AG 408,889 ( 302,661 ) —   106,228 F-106 Table of Contents NOTE 4 – AGREEMENTS Management Fee Each Leveraged Fund, and each Geared VIX Fund, pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95 % per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85 % per annum of its average daily NAV of such Fund. Each Fund accrues the Management Fee daily at an annualized rate based on its average daily net assets. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, (i) the fees and expenses of the Administrator, Custodian, Transfer Agent, Distributor (as each is defined below), and ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, as well as accounting and auditing fees and expenses, (ii) any Index licensors for the Funds; and (iii) the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations. Fees associated with a Fund’s trading operations may include expenses such as tax preparation expenses, legal fees not in excess of $ 100,000 per annum, ongoing SEC registration fees not exceeding 0.021 % per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10 % per annum of the net assets of a Fund, and report preparation and mailing expenses. Non-Recurring Fees and Expenses Each Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds. The Administrator BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNY Mellon”), serves as the Administrator of the Funds (the “Administrator”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) in connection therewith. Pursuant to the terms of the Administration and Accounting Agreement and under the supervision and direction of the Sponsor and the Trust, BNY Mellon prepares and files certain regulatory filings on behalf of the Funds. BNY Mellon may also perform other services for the Funds pursuant to the Administration and Accounting Agreement as mutually agreed upon by the Sponsor, the Trust and BNY Mellon from time to time. The Administrator’s fees are paid on behalf of the Funds by the Sponsor. The Custodian BNY Mellon serves as the Custodian of the Funds (the “Custodian”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into a custody agreement (the “Custody Agreement”) in connection therewith. Pursuant to the terms of the Custody Agreement, BNY Mellon is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BNY Mellon by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor. The Transfer Agent BNY Mellon serves as the Transfer Agent of the Funds (the “Transfer Agent”) for entities that have entered into an Authorized Participant Agreement with one or more of the Funds (“Authorized Participants”) and has entered into a transfer agency and service agreement (the “Transfer Agency and Service Agreement”). Pursuant to the terms of the Transfer Agency and Service Agreement, BNY Mellon is responsible for processing purchase and redemption orders and maintaining records of ownership of the Funds. The Transfer Agent Fees are paid on behalf of the Funds by the Sponsor. The Distributor SEI Investments Distribution Co. (“SEI”) serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds. F-107 Table of Contents 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 “Receivable for 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 three and six months ended 30 June, 2026. Value 3/31/2026 Purchases at Cost Proceeds from Sales Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Value 06/30/2026 Dividend Income Investments in Affiliated Money Market Funds: ProShares Short VIX Short-Term Futures ETF $ 60,042,000 $ 15,022,500 $ —   $ ( 19,500 ) $ —   $ 75,045,000 $ 583,084 ProShares Ultra Bloomberg Crude Oil 230,138,000 —   ( 160,117,232 ) 60,660 ( 32,428 ) 70,049,000 1,114,675 ProShares Ultra Bloomberg Natural Gas 140,084,000 —   ( 40,026,588 ) 40,000 ( 27,412 ) 100,070,000 1,044,838 ProShares Ultra Gold 340,238,000 —   ( 160,102,202 ) ( 48,000 ) 38,202 180,126,000 2,546,130 ProShares Ultra Silver 405,283,500 200,175,250 ( 325,262,299 ) ( 37,500 ) 37,049 280,196,000 4,043,046 ProShares Ultra VIX Short-Term Futures ETF 105,073,500 70,065,500 ( 125,095,423 ) ( 4,800 ) ( 8,777 ) 50,030,000 760,092 ProShares Ultra Yen 16,011,200 —   ( 5,003,897 ) ( 2,600 ) 1,897 11,006,600 120,938 ProShares UltraShort Bloomberg Crude Oil 290,174,000 170,154,250 ( 160,144,701 ) 98,000 ( 71,549 ) 300,210,000 3,019,466 ProShares UltraShort Bloomberg Natural Gas 80,048,000 —   ( 35,023,778 ) ( 2,500 ) 9,778 45,031,500 443,285 ProShares UltraShort Euro 10,007,000 —   —   ( 1,000 ) —   10,006,000 88,387 ProShares UltraShort Gold 25,017,500 15,013,500 ( 10,005,794 ) ( 1,000 ) ( 3,206 ) 30,021,000 237,897 ProShares UltraShort Silver 10,007,000 30,027,700 ( 20,014,588 ) ( 1,450 ) ( 4,662 ) 20,014,000 195,906 ProShares UltraShort Yen 7,004,900 —   —   ( 700 ) —   7,004,200 61,871 ProShares VIX Mid-Term Futures ETF 20,014,000 —   ( 5,005,397 ) ( 3,000 ) 3,397 15,009,000 152,911 ProShares VIX Short-Term Futures ETF 70,049,000 30,038,000 ( 35,023,691 ) ( 19,250 ) ( 5,059 ) 65,039,000 511,271 ProShares Trust II: $ 1,809,191,600 $ 530,496,700 $ ( 1,080,825,590 ) $ 57,360 $ ( 62,770 ) $ 1,258,857,300 $ 14,923,797 Value 12/31/2025 Purchases at Cost Proceeds from Sales Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Value 06/30/2026 Dividend Income Investments in Affiliated Money Market Funds: ProShares Short VIX Short-Term Futures ETF $ —   $ 85,050,500 $ ( 10,009,000 ) $ ( 1,500 ) $ 5,000 $ 75,045,000 $ 790,653 ProShares Ultra Bloomberg Crude Oil —   250,204,460 ( 180,127,232 ) 21,000 ( 49,228 ) 70,049,000 1,803,495 ProShares Ultra Bloomberg Natural Gas —   140,103,500 ( 40,026,588 ) 20,500 ( 27,412 ) 100,070,000 1,478,171 ProShares Ultra Gold —   520,242,150 ( 340,294,902 ) 54,000 124,752 180,126,000 3,978,367 ProShares Ultra Silver —   1,000,582,250 ( 720,634,299 ) 84,000 164,049 280,196,000 5,973,753 ProShares Ultra VIX Short-Term Futures ETF —   225,163,000 ( 175,146,223 ) 10,000 3,223 50,030,000 1,098,093 ProShares Ultra Yen —   16,006,400 ( 5,003,897 ) 2,200 1,897 11,006,600 174,435 ProShares UltraShort Bloomberg Crude Oil —   460,471,670 ( 160,144,701 ) ( 45,420 ) ( 71,549 ) 300,210,000 3,700,898 ProShares UltraShort Bloomberg Natural Gas —   140,056,000 ( 95,072,278 ) 13,500 34,278 45,031,500 744,332 ProShares UltraShort Euro —   10,004,000 —   2,000 —   10,006,000 121,823 ProShares UltraShort Gold —   45,025,500 ( 15,009,544 ) 6,500 ( 1,456 ) 30,021,000 321,487 ProShares UltraShort Silver —   140,109,950 ( 120,093,788 ) ( 1,950 ) ( 212 ) 20,014,000 270,134 ProShares UltraShort Yen —   7,002,800 —   1,400 —   7,004,200 85,276 ProShares VIX Mid-Term Futures ETF —   20,008,000 ( 5,005,397 ) 3,000 3,397 15,009,000 219,783 ProShares VIX Short-Term Futures ETF —   110,070,000 ( 45,032,191 ) 1,750 ( 559 ) 65,039,000 758,638 ProShares Trust II: $ —   $ 3,170,100,180 $ ( 1,911,600,040 ) $ 170,980 $ 186,180 $ 1,258,857,300 $ 21,519,338 F-108 Table of Contents NOTE 6 – CREATION AND REDEMPTION OF CREATION UNITS Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the reverse share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts. Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors. Transaction Fees on Creation and Redemption Transactions The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date. Authorized Participants may pay a fixed transaction fee (typically $ 250 ) in connection with each order to create or redeem a Creation Unit in order to compensate BNY Mellon, as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10 % (and a variable transaction fee to the Matching VIX Funds of up to 0.05 %) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market. Transaction fees incurred during the three and six months ended June 30, 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 Six Months Ended Fund June 30, 2026 June 30, 2026 ProShares Short VIX Short-Term Futures ETF $ 18,162 $ 39,173 ProShares Ultra Bloomberg Crude Oil —   —   ProShares Ultra Bloomberg Natural Gas —   —   ProShares Ultra Euro —   —   ProShares Ultra Gold —   —   ProShares Ultra Silver —   —   ProShares Ultra VIX Short-Term Futures ETF 362,382 693,874 ProShares Ultra Yen —   —   ProShares UltraShort Bloomberg Crude Oil —   —   ProShares UltraShort Bloomberg Natural Gas —   —   ProShares UltraShort Euro —   —   ProShares UltraShort Gold —   —   ProShares UltraShort Silver —   —   ProShares UltraShort Yen —   —   ProShares VIX Mid-Term Futures ETF 7,244 16,909 ProShares VIX Short-Term Futures ETF 105,738 167,605 Combined Trust: $ 493,526 $ 917,561 F-109 Table of Contents NOTE 7 – FINANCIAL HIGHLIGHTS Selected data for a Share outstanding throughout the three months ended June 30, 2026 For the Three Months Ended June 30, 2026 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas* Ultra Euro Ultra Gold Ultra Silver Net asset value, at March 31, 2026 $ 45.78 $ 38.79 $ 32.06 $ 12.70 $ 60.57 $ 117.67 Net investment income (loss) 0.23 0.27 0.11 0.08 0.37 0.70 Net realized and unrealized gain (loss)# 11.26 ( 6.54 ) ( 4.50 ) ( 0.41 ) ( 16.89 ) ( 49.72 ) Change in net asset value from operations 11.49 ( 6.27 ) ( 4.39 ) ( 0.33 ) ( 16.52 ) ( 49.02 ) Net asset value, at June 30, 2026 $ 57.27 $ 32.52 $ 27.67 $ 12.37 $ 44.05 $ 68.65 Market value per share, at March 31, 2026 † $ 45.80 $ 39.30 $ 32.24 $ 12.72 $ 61.46 $ 119.51 Market value per share, at June 30, 2026 † $ 57.26 $ 32.95 $ 27.44 $ 12.36 $ 43.87 $ 68.01 Total Return, at net asset value^ 25.1 % ( 16.2 )% ( 13.7 )% ( 2.6 )% ( 27.3 )% ( 41.7 )% Total Return, at market value^ 25.0 % ( 16.2 )% ( 14.9 )% ( 2.8 )% ( 28.6 )% ( 43.1 )% Ratios to Average Net Assets** Expense ratio^^ 1.15 % 1.00 % 1.42 % 0.95 % 0.96 % 0.97 % Net investment income gain (loss) 1.77 % 2.50 % 1.65 % 2.49 % 2.59 % 2.54 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 30, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-110 Table of Contents For the Three Months Ended June 30, 2026 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil* UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold Net asset value, at March 31, 2026 $ 52.10 $ 18.37 $ 33.73 $ 21.81 $ 29.59 $ 20.49 Net investment income (loss) 0.07 0.12 0.15 0.10 0.19 0.13 Net realized and unrealized gain (loss)# ( 27.36 ) ( 1.16 ) 1.60 0.55 0.88 6.26 Change in net asset value from operations ( 27.29 ) ( 1.04 ) 1.75 0.65 1.07 6.39 Net asset value, at June 30, 2026 $ 24.81 $ 17.33 $ 35.48 $ 22.46 $ 30.66 $ 26.88 Market value per share, at March 31, 2026 † $ 52.30 $ 18.38 $ 33.28 $ 21.71 $ 29.60 $ 20.18 Market value per share, at June 30, 2026 † $ 24.89 $ 17.38 $ 35.02 $ 22.65 $ 30.62 $ 26.98 Total Return, at net asset value^ ( 52.4 )% ( 5.7 )% 5.2 % 3.0 % 3.6 % 31.2 % Total Return, at market value^ ( 52.4 )% ( 5.4 )% 5.2 % 4.3 % 3.4 % 33.7 % Ratios to Average Net Assets** Expense ratio^^ 1.73 % 0.95 % 1.11 % 1.51 % 0.95 % 0.97 % Net investment income gain (loss) 0.85 % 2.60 % 2.07 % 1.60 % 2.58 % 2.47 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 30, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-111 Table of Contents For the Three Months Ended June 30, 2026 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at March 31, 2026 $ 22.87 $ 53.03 $ 17.21 $ 34.28 Net investment income (loss) 0.13 0.34 0.09 0.11 Net realized and unrealized gain (loss)# 7.50 3.33 ( 2.97 ) ( 13.12 ) Change in net asset value from operations 7.63 3.67 ( 2.88 ) ( 13.01 ) Net asset value, at June 30, 2026 $ 30.50 $ 56.70 $ 14.33 $ 21.27 Market value per share, at March 31, 2026 † $ 22.51 $ 52.98 $ 17.15 $ 34.35 Market value per share, at June 30, 2026 † $ 30.79 $ 56.62 $ 14.35 $ 21.29 Total Return, at net asset value^ 33.4 % 6.9 % ( 16.7 )% ( 38.0 )% Total Return, at market value^ 36.8 % 6.9 % ( 16.3 )% ( 38.0 )% Ratios to Average Net Assets** Expense ratio^^ 0.99 % 0.95 % 0.95 % 1.14 % Net investment income gain (loss) 2.38 % 2.55 % 2.23 % 1.74 % ** 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 June 30, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-112 Table of Contents Selected data for a Share outstanding throughout the three months ended June 30, 2025 For the Three Months Ended June 30, 2025 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas * Ultra Euro Ultra Gold Ultra Silver Net asset value, at March 31, 2025 $ 45.79 $ 27.13 $ 170.57 $ 11.36 $ 32.04 $ 45.74 Net investment income (loss) 0.23 0.12 0.61 0.08 0.27 0.31 Net realized and unrealized gain (loss)# ( 3.40 ) ( 4.76 ) ( 78.49 ) 1.96 2.09 1.02 Change in net asset value from operations ( 3.17 ) ( 4.64 ) ( 77.88 ) 2.04 2.36 1.33 Net asset value, at June 30, 2025 $ 42.62 $ 22.49 $ 92.69 $ 13.40 $ 34.40 $ 47.07 Market value per share, at March 31, 2025 † $ 45.76 $ 27.06 $ 171.52 $ 11.38 $ 32.18 $ 46.16 Market value per share, at June 30, 2025 † $ 42.60 $ 22.41 $ 92.16 $ 13.37 $ 34.66 $ 47.49 Total Return, at net asset value^ ( 6.9 )% ( 17.1 )% ( 45.7 )% 17.9 % 7.4 % 2.9 % Total Return, at market value^ ( 6.9 )% ( 17.2 )% ( 46.3 )% 17.5 % 7.7 % 2.9 % Ratios to Average Net Assets** Expense ratio^^ 1.18 % 1.01 % 1.48 % 0.95 % 0.97 % 0.99 % Net investment income gain (loss) 2.40 % 2.22 % 2.12 % 2.65 % 3.09 % 2.91 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 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. F-113 Table of Contents For the Three Months Ended June 30, 2025 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF* Ultra Yen UltraShort Bloomberg Crude Oil * UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold* Net asset value, at March 31, 2025 $ 117.22 $ 21.90 $ 66.95 $ 19.70 $ 32.30 $ 50.89 Net investment income (loss) 0.36 0.15 0.50 0.14 0.20 0.27 Net realized and unrealized gain (loss)# ( 24.11 ) 1.27 4.65 5.60 ( 5.05 ) ( 6.27 ) Change in net asset value from operations ( 23.75 ) 1.42 5.15 5.74 ( 4.85 ) ( 6.00 ) Net asset value, at June 30, 2025 $ 93.47 $ 23.32 $ 72.10 $ 25.44 $ 27.45 $ 44.89 Market value per share, at March 31, 2025 † $ 117.15 $ 21.89 $ 67.04 $ 19.57 $ 32.27 $ 50.68 Market value per share, at June 30, 2025 † $ 93.75 $ 23.23 $ 72.24 $ 25.61 $ 27.48 $ 44.52 Total Return, at net asset value^ ( 20.3 )% 6.5 % 7.7 % 29.2 % ( 15.0 )% ( 11.8 )% Total Return, at market value^ ( 20.0 )% 6.1 % 7.8 % 30.9 % ( 14.8 )% ( 12.2 )% Ratios to Average Net Assets** Expense ratio^^ 1.73 % 0.95 % 1.15 % 1.49 % 0.95 % 1.00 % Net investment income gain (loss) 1.21 % 2.64 % 2.65 % 2.34 % 2.70 % 2.41 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 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. F-114 Table of Contents For the Three Months Ended June 30, 2025 (unaudited) Per Share Operating Performance UltraShort Silver* UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at March 31, 2025 $ 296.04 $ 44.29 $ 15.84 $ 50.29 Net investment income (loss) 1.43 0.29 0.12 0.32 Net realized and unrealized gain (loss)# ( 37.14 ) ( 3.23 ) 0.77 ( 3.82 ) Change in net asset value from operations ( 35.71 ) ( 2.94 ) 0.89 ( 3.50 ) Net asset value, at June 30, 2025 $ 260.33 $ 41.35 $ 16.73 $ 46.79 Market value per share, at March 31, 2025 † $ 293.30 $ 44.30 $ 15.85 $ 50.26 Market value per share, at June 30, 2025 † $ 258.10 $ 41.38 $ 16.76 $ 46.88 Total Return, at net asset value^ ( 12.1 )% ( 6.6 )% 5.6 % ( 7.0 )% Total Return, at market value^ ( 12.0 )% ( 6.6 )% 5.7 % ( 6.7 )% Ratios to Average Net Assets** Expense ratio^^ 1.03 % 0.95 % 0.99 % 1.26 % Net investment income gain (loss) 1.93 % 2.78 % 2.74 % 2.27 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 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. F-115 Table of Contents S elected Data for a Share Outstanding Throughout the six months Ended June 30, 2026 For the Six Months Ended June 30, 2026 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas* Ultra Euro Ultra Gold Ultra Silver Net asset value, at December 31, 2025 $ 55.48 $ 19.30 $ 45.10 $ 13.17 $ 55.91 $ 155.95 Net investment income (loss) 0.44 0.29 0.26 0.15 0.72 1.36 Net realized and unrealized gain (loss)# 1.35 12.93 ( 17.69 ) ( 0.95 ) ( 12.58 ) ( 88.66 ) Change in net asset value from operations 1.79 13.22 ( 17.43 ) ( 0.80 ) ( 11.86 ) ( 87.30 ) Net asset value, at June 30, 2026 $ 57.27 $ 32.52 $ 27.67 $ 12.37 $ 44.05 $ 68.65 Market value per share, at December 31, 2025 † $ 55.38 $ 19.32 $ 45.80 $ 13.16 $ 55.52 $ 155.12 Market value per share, at June 30, 2026 † $ 57.26 $ 32.95 $ 27.44 $ 12.36 $ 43.87 $ 68.01 Total Return, at net asset value^ 3.2 % 68.5 % ( 38.6 )% ( 6.1 )% ( 21.2 )% ( 56.0 )% Total Return, at market value^ 3.4 % 70.5 % ( 40.1 )% ( 6.1 )% ( 21.0 )% ( 56.2 )% Ratios to Average Net Assets** Expense ratio^^ 1.16 % 1.02 % 1.39 % 0.95 % 0.96 % 0.97 % Net investment income gain (loss) 1.69 % 1.80 % 1.60 % 2.26 % 2.31 % 1.95 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 30, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-116 Table of Contents For the Six Months Ended June 30, 2026 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil* UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold Net asset value, at December 31, 2025 $ 35.86 $ 19.08 $ 78.56 $ 35.79 $ 28.40 $ 25.98 Net investment income (loss) 0.15 0.21 0.31 0.14 0.33 0.22 Net realized and unrealized gain (loss)# ( 11.20 ) ( 1.96 ) ( 43.39 ) ( 13.47 ) 1.93 0.68 Change in net asset value from operations ( 11.05 ) ( 1.75 ) ( 43.08 ) ( 13.33 ) 2.26 0.90 Net asset value, at June 30, 2026 $ 24.81 $ 17.33 $ 35.48 $ 22.46 $ 30.66 $ 26.88 Market value per share, at December 31, 2025 † $ 35.93 $ 19.06 $ 78.44 $ 35.27 $ 28.33 $ 26.15 Market value per share, at June 30, 2026 † $ 24.89 $ 17.38 $ 35.02 $ 22.65 $ 30.62 $ 26.98 Total Return, at net asset value^ ( 30.8 )% ( 9.2 )% ( 54.8 )% ( 37.2 )% 8.0 % 3.5 % Total Return, at market value^ ( 30.7 )% ( 8.8 )% ( 55.4 )% ( 35.8 )% 8.1 % 3.2 % Ratios to Average Net Assets** Expense ratio^^ 1.73 % 0.95 % 1.11 % 1.61 % 0.95 % 0.97 % Net investment income gain (loss) 0.85 % 2.29 % 2.03 % 1.29 % 2.31 % 2.15 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 30, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded. F-117 Table of Contents For the Six Months Ended June 30, 2026 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid-Term Futures ETF VIX Short- Term Futures ETF Net asset value, at December 31, 2025 $ 53.23 $ 50.94 $ 15.24 $ 25.73 Net investment income (loss) 0.19 0.60 0.17 0.24 Net realized and unrealized gain (loss)# ( 22.92 ) 5.16 ( 1.08 ) ( 4.70 ) Change in net asset value from operations ( 22.73 ) 5.76 ( 0.91 ) ( 4.46 ) Net asset value, at June 30, 2026 $ 30.50 $ 56.70 $ 14.33 $ 21.27 Market value per share, at December 31, 2025 † $ 53.40 $ 50.90 $ 15.27 $ 25.64 Market value per share, at June 30, 2026 † $ 30.79 $ 56.62 $ 14.35 $ 21.29 Total Return, at net asset value^ ( 42.7 )% 11.3 % ( 6.0 )% ( 17.3 )% Total Return, at market value^ ( 42.3 )% 11.2 % ( 6.0 )% ( 17.0 )% Ratios to Average Net Assets** Expense ratio^^ 1.00 % 0.95 % 0.96 % 1.10 % Net investment income gain (loss) 1.67 % 2.30 % 2.12 % 1.77 % ** 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 June 30, 2026. ^^ The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-118 Table of Contents Selected Data for a Share Outstanding Throughout the six months Ended June 30, 2025 For the Six Months Ended June 30, 2025 (unaudited) Per Share Operating Performance Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas * Ultra Euro Ultra Gold Ultra Silver Net asset value, at December 31, 2024 $ 50.03 $ 27.49 $ 109.67 $ 10.46 $ 23.36 $ 33.56 Net investment income (loss) 0.51 0.28 1.46 0.16 0.48 0.59 Net realized and unrealized gain (loss)# ( 7.92 ) ( 5.28 ) ( 18.44 ) 2.78 10.56 12.92 Change in net asset value from operations ( 7.41 ) ( 5.00 ) ( 16.98 ) 2.94 11.04 13.51 Net asset value, at June 30, 2025 $ 42.62 $ 22.49 $ 92.69 $ 13.40 $ 34.40 $ 47.07 Market value per share, at December 31, 2024 † $ 50.06 $ 27.50 $ 111.64 $ 10.45 $ 23.37 $ 33.67 Market value per share, at June 30, 2025 † $ 42.60 $ 22.41 $ 92.16 $ 13.37 $ 34.66 $ 47.49 Total Return, at net asset value^ ( 14.8 )% ( 18.2 )% ( 15.5 )% 28.1 % 47.2 % 40.2 % Total Return, at market value^ ( 14.9 )% ( 18.5 )% ( 17.5 )% 27.9 % 48.3 % 41.1 % Ratios to Average Net Assets** Expense ratio^^ 1.19 % 1.00 % 1.47 % 0.95 % 0.97 % 0.98 % Net investment income gain (loss) 2.43 % 2.34 % 2.31 % 2.67 % 3.11 % 2.85 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 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. F-119 Table of Contents For the Six Months Ended June 30, 2025 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF * Ultra Yen UltraShort Bloomberg Crude Oil * UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold * Net asset value, at December 31, 2024 $ 103.86 $ 20.23 $ 67.73 $ 43.61 $ 34.91 $ 70.22 Net investment income (loss) 0.66 0.30 0.95 0.29 0.43 0.58 Net realized and unrealized gain (loss)# ( 11.05 ) 2.79 3.42 ( 18.46 ) ( 7.89 ) ( 25.91 ) Change in net asset value from operations ( 10.39 ) 3.09 4.37 ( 18.17 ) ( 7.46 ) ( 25.33 ) Net asset value, at June 30, 2025 $ 93.47 $ 23.32 $ 72.10 $ 25.44 $ 27.45 $ 44.89 Market value per share, at December 31, 2024 † $ 103.60 $ 20.35 $ 67.68 $ 42.74 $ 34.92 $ 70.32 Market value per share, at June 30, 2025 † $ 93.75 $ 23.23 $ 72.24 $ 25.61 $ 27.48 $ 44.52 Total Return, at net asset value^ ( 10.0 )% 15.3 % 6.5 % ( 41.7 )% ( 21.4 )% ( 36.1 )% Total Return, at market value^ ( 9.5 )% 14.2 % 6.7 % ( 40.1 )% ( 21.3 )% ( 36.7 )% Ratios to Average Net Assets** Expense ratio^^ 1.89 % 0.95 % 1.10 % 1.46 % 0.95 % 0.99 % Net investment income gain (loss) 1.21 % 2.67 % 2.71 % 2.40 % 2.71 % 2.43 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 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. F-120 Table of Contents For the Six Months Ended June 30, 2025 (unaudited) Per Share Operating Performance UltraShort Silver * UltraShort Yen VIX Mid-Term Futures ETF VIX Short- Term Futures ETF Net asset value, at December 31, 2024 $ 423.96 $ 47.66 $ 14.51 $ 45.05 Net investment income (loss) 2.89 0.59 0.21 0.55 Net realized and unrealized gain (loss)# ( 166.52 ) ( 6.90 ) 2.01 1.19 Change in net asset value from operations ( 163.63 ) ( 6.31 ) 2.22 1.74 Net asset value, at June 30, 2025 $ 260.33 $ 41.35 $ 16.73 $ 46.79 Market value per share, at December 31, 2024 † $ 420.00 $ 46.68 $ 14.46 $ 45.02 Market value per share, at June 30, 2025 † $ 258.10 $ 41.38 $ 16.76 $ 46.88 Total Return, at net asset value^ ( 38.6 )% ( 13.2 )% 15.3 % 3.9 % Total Return, at market value^ ( 38.6 )% ( 11.4 )% 15.9 % 4.1 % Ratios to Average Net Assets** Expense ratio^^ 1.02 % 0.95 % 1.03 % 1.34 % Net investment income gain (loss) 1.84 % 2.76 % 2.70 % 2.24 % * See Note 1 of these Notes to Financial Statements. ** Percentages are annualized. # The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. † Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. ^ Percentages are not annualized for the period ended June 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. F-121 Table of Contents NOTE 8 – RISK Correlation and Holding Period Risk Each of the Geared Funds is “geared” which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark (referred to as the “Daily Target”). The Geared Funds do not seek to achieve their Daily Target for any period of time other than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark for the same period. This difference may be significant. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Geared Fund to differ from the Geared Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Geared Fund is held and the volatility of the benchmark during the holding period of an investment in the Geared Fund. The return of a Geared Fund for periods longer than a day is the product of a series of daily leveraged returns for each trading day during that period. If you hold Geared Fund shares for any period other than a day, it is important for you to understand the risks and long-term performance of a daily objective fund. You should know that over your holding period: • Your return may be higher or lower than the Daily Target, and this difference may be significant. • Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply. • Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply. • The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target. For periods longer than a day, you will lose money if the Benchmark’s performance is flat. It is possible that you will lose money invested in a Short or UltraShort Fund even if the value of the Benchmark falls during that period or money invested in an Ultra Fund even if the value of the Benchmark rises during that period. Returns may move in the opposite direction of the Benchmark during periods of higher Benchmark volatility, low Benchmark returns, or both. In addition, during periods of higher Benchmark volatility, the Benchmark volatility may affect your return as much or more than the return of the Benchmark. Each Ultra and UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra with a 1.5x or 2x multiple should be approximately one and one-half or two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of an UltraShort Fund is designed to return two times the inverse (-2x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund performance. Shareholders who invest in the Geared Funds should consider actively monitoring and/or periodically rebalancing their investments (which will possibly trigger transaction costs and tax consequences) in light of their investment goals and risk tolerances. The Matching VIX Funds seek to achieve their stated investment objective over time. F-122 Table of Contents While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark; (12) large movements of assets into and/or out of a Fund, particularly late in the day; (13) significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity that cause the Fund to approach or reach position or accountability limits or other portfolio limits; and (14) events such as natural disasters (including disease, epidemics and pandemics) that can be highly disruptive to economies, markets and companies including, but not limited to, the Sponsor and third party service providers. A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. The target amount of portfolio exposure is impacted dynamically by a benchmark’s movements, including intraday movements. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -2x, 1.5x, or 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day. Each Geared Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Geared Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to its benchmark that is significantly greater or less than its stated multiple. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks. Counterparty Risk Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to in this Counterparty Risk section as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks. Regulatory Treatment Derivatives are generally traded in OTC markets and are subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities). Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place. The CFTC requirements include rules for some of the types of derivatives F-123 Table of Contents transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions. As noted, all of the relevant CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants. Counterparty Credit Risk The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline. The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions. OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day. In addition, cleared derivatives benefit from daily mark-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a futures commission merchant in cleared swaps customer accounts, which are required by CFTC regulations to be separate from the futures commission merchant’s proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of futures customer segregated funds, under which the clearing house may access all of the commingled futures customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. Bilateral OTC derivatives expose the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. F-124 Table of Contents The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com. Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law. The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund. Leverage Risk The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day. For example, because the UltraShort Funds and Ultra Funds (except for the Ultra VIX Short-Term Futures ETF which includes a one and one-half times (1.5x) multiplier) include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50 % at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund, even if the underlying benchmark maintains a level greater than zero at all times. Liquidity Risk Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated. “Contango” and “Backwardation” Risk In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2022 may specify a January 2023 expiration. As that contract nears expiration, it may be replaced by selling the January 2023 contract and purchasing the contract expiring in March 2023. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2023 contract would take place at a price that is higher than the price at which the March 2023 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund or an UltraShort Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Fund and UltraShort Funds, and positively affect the Ultra Funds and Matching VIX Funds. Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds. F-125 Table of Contents Gold and silver have historically exhibited persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly. There have been times where WTI crude oil futures contracts experience “extraordinary contango or extraordinary backwardation”. For example, in April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. In the summer of 2022, the market for crude oil futures contracts experienced a period of extreme backwardation, but normalized towards the end of the year. The futures contracts held by the Funds may experience a period of extraordinary contango or backwardation in the future. If all or a significant portion of the futures contracts held by an Ultra Fund at a future date were to reach a negative price, investors in such Fund could lose their entire investment. Conversely, investors in an UltraShort Fund could suffer significant losses or lose their entire investment if prices reversed or were subject to extraordinary backwardation. The effects of rolling futures contracts under extraordinary contango or backwardation market conditions generally are more exaggerated than rolling futures contracts under more typical contango or backwardation market conditions. Either scenario may result in significant losses. Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective. On May 4, 2020, CME imposed a more restrictive position limit in September 2020 WTI oil futures contracts with respect to the Oil Funds. In response to CME’s imposition of a more restrictive position limit, global developments, and other factors, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. In early July 2020, in anticipation of the roll of the Oil Funds’ benchmark, and in order to help manage the impact of recent extraordinary conditions and volatility in the markets for crude oil and related Financial Instruments, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. Natural Disasters and Public Health Disruptions, May Have a Significant Negative Impact on the Performance of Each Fund. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), have been and may continue to be highly disruptive to economies and markets. These conditions have led, and could lead, to increased or extreme market volatility, illiquidity and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures. For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance or make it difficult, or impossible, for a Fund to achieve its investment objective. Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses. Further, Fund counterparties may close out positions with the Funds without notice, at unfavorable times or unfavorable prices, or may choose to transaction on a more limited basis (or not at all). In such cases, it may be difficult or impossible for a Fund to achieve the desired investment exposure with its investment objective. These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market. Additionally, geopolitical conflict, including, war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, the Israel-Hamas conflict, the Houthi movement’s attacks on marine vessels in the Red Sea, and the expansion of such conflicts in surrounding areas), sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, changes in U.S. government policy or agency staffing or agency reorganizations, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly. F-126 Table of Contents Risks Related to Trade Disputes May Negatively Affect Each Fund. Global economies are interdependent and may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services produced by such countries. To the extent a country engages in retaliatory tariffs, a company that relies on imported parts to produce its own goods may experience increased costs of production or reduced profitability, which may affect consumers, investors and the domestic economy. Trade disputes and retaliatory actions may include embargoes and other trade limitations, which may trigger a significant reduction in international trade and impact the global economy. Trade disputes may also lead to increased currency exchange rate volatility, which can adversely affect the prices of the Fund securities valued in U.S. dollars. The potential threat of trade disputes may also negatively affect investor confidence in the markets generally and investment growth. Risk of Government Regulation The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products”—which could include the leveraged and inverse leveraged funds offered by ProShares. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy Shares in the Funds. NOTE 9 – SUBSEQUENT EVENTS Management has evaluated the possibility of subsequent events existing in the Trust’s and the Funds’ financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Trust’s or the Funds’ financial statements through this date. F-127 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q for the period ended June 30, 2026, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions. Introduction Each of the Funds generally invests in instruments whose value is derived from the value of an underlying asset, rate or index (Collectively, “Financial Instruments”), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds. The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation. Each Geared Fund seeks investment results for a single day only, not for any other period. This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x, -2x, 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period. Volatility of the benchmark may be at least as important to a Geared Fund’s return for the period as the return of the benchmark. Geared Funds that use leverage, are riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, these Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily. Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”). 1 ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Bloomberg Natural Gas, ProShares Ultra Bloomberg Crude Oil, and ProShares Ultra Bloomberg Natural Gas are benchmarked to indexes designed to track the performance of commodity futures contracts, as applicable. The daily performance of these Indexes and the corresponding Funds will likely be very different in amount and possibly even direction from the daily performance of the price of the related physical commodities. Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public. The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov. Forward and Reverse Splits* On May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On November 4, 2025, the Trust issued a press release announcing a reverse share split on ProShares Ultra VIX Short-Term Futures and ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares and ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on November 20, 2025, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y680 for UVXY), (74347Y698 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On February 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares UltraShort Silver. The Reverse Split did not change the value of a shareholder’s investment. ProShares UltraShort Silver executed a 1:10 Reverse Split of its shares. The Reverse Split was effective at the market open on February 26, 2026, when the Fund began trading at its post-Reverse Split price. ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y672 for ZSL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On May 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares Ultra Bloomberg Natural Gas and ProShares UltraShort Bloomberg Crude Oil. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Bloomberg Natural Gas executed a 1:2 Reverse Split of its shares and ProShares UltraShort Bloomberg Crude Oil executed a 1:4 Reverse Split of its shares. The Reverse Split was effective at the market open on May 28, 2026, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y664 for BOIL), (74347Y656 for SCO). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. * See Note 1 of the Notes to Financial Statements in Item 15 of part IV in this Annual Report on Form 10-K. 2 Liquidity and Capital Resources In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, exchange traded funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three and six months ended June 30, 2026 and 2025, each of the Funds earned interest income as follows: Fund Interest Income Three Months Ended June 30, 2026 Interest Income Three Months Ended June 30, 2025 Interest Income Six Months Ended June 30, 2026 Interest Income Six Months Ended June 30, 2025 ProShares Short VIX Short-Term Futures ETF $ 1,082,679 $ 3,664,726 $ 2,304,724 $ 5,820,643 ProShares Ultra Bloomberg Crude Oil 2,632,705 3,240,612 4,551,207 6,745,716 ProShares Ultra Bloomberg Natural Gas 2,019,001 2,079,577 4,792,683 4,980,630 ProShares Ultra Euro 47,346 68,572 94,187 114,044 ProShares Ultra Gold 5,227,533 5,119,975 13,317,296 8,858,522 ProShares Ultra Silver 11,530,778 6,095,350 26,100,001 12,115,255 ProShares Ultra VIX Short-Term Futures ETF 1,737,367 2,804,863 3,712,951 5,692,389 ProShares Ultra Yen 219,316 580,313 519,892 1,108,434 ProShares UltraShort Bloomberg Crude Oil 6,034,097 1,176,354 7,365,892 3,111,177 ProShares UltraShort Bloomberg Natural Gas 811,304 3,919,799 2,624,020 8,363,249 ProShares UltraShort Euro 241,908 303,400 462,021 651,455 ProShares UltraShort Gold 689,377 712,768 1,259,553 925,475 ProShares UltraShort Silver 913,905 227,082 2,165,937 404,937 ProShares UltraShort Yen 204,564 208,788 415,903 417,761 ProShares VIX Mid-Term Futures ETF 263,794 216,994 656,606 498,093 ProShares VIX Short-Term Futures ETF 1,081,522 1,189,233 2,406,551 2,751,531 During the three and six months ended June 30, 2026 and June 30, 2025, each of the Funds earned dividend income from affiliated investments as follows: Fund Dividend Income Three Months Ended June 30, 2026 Dividend Income Three Months Ended June 30, 2025 Dividend Income Six Months Ended June 30, 2026 Dividend Income Six Months Ended June 30, 2025 ProShares Short VIX Short-Term Futures ETF $ 583,084 $ —  $ 790,653 $ —  ProShares Ultra Bloomberg Crude Oil 1,114,675 —  1,803,495 —  ProShares Ultra Bloomberg Natural Gas 1,044,838 —  1,478,171 —  ProShares Ultra Gold 2,546,130 —  3,978,367 —  ProShares Ultra Silver 4,043,046 —  5,973,753 —  ProShares Ultra VIX Short-Term Futures ETF 760,092 —  1,098,093 —  ProShares Ultra Yen 120,938 —  174,435 —  ProShares UltraShort Bloomberg Crude Oil 3,019,466 —  3,700,898 —  ProShares UltraShort Bloomberg Natural Gas 443,285 —  744,332 —  ProShares UltraShort Euro 88,387 —  121,823 —  ProShares UltraShort Gold 237,897 —  321,487 —  ProShares UltraShort Silver 195,906 —  270,134 —  ProShares UltraShort Yen 61,871 —  85,276 —  ProShares VIX Mid-Term Futures ETF 152,911 —  219,783 —  ProShares VIX Short-Term Futures ETF 511,271 —  758,638 —  3 Each Fund’s underlying swaps, futures, options, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions. Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person. The large size of the positions in which a Fund may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Investments related to one benchmark, which in many cases is highly concentrated. Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). Market Risk Trading in derivatives contracts involves each Fund entering into contractual commitments to purchase or sell a commodity, currency or spot volatility product underlying such Fund’s benchmark at a specified date and price, should it hold such derivative contract into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk. For more information, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this Quarterly Report on Form 10-Q. Credit Risk When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions. Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, cl