What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 788 added, 338 removed, 3106 unchanged (27% of the section changed)

21 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

20 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

18 unchanged sentences

(Depreciation)/Value

VIX Futures - Cboe, expires April 2026

VIX Futures - Cboe, expires May 2026

VIX Futures - Cboe, expires July 2026

VIX Futures - Cboe, expires August 2026

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

Represents 7-day

effective yield as of March 31, 2026.

effective yield as of June 30, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

2 unchanged sentences

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

Short-term U.S.

government and agency obligations

Affiliated investments

13 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

500,000 and 2,250,000

shares, respectively

Redemption of 850,000

and 2,500,000

shares, respectively

Addition of 500,000 , 16,400,000 , 1,000,000 and 18,650,000 shares, respectively

Redemption of 650,000 , 14,900,000 , 1,500,000 and 17,400,000 shares, respectively

( 575,729,990

Net addition (redemption) of ( 350,000

) and ( 250,000

) shares, respectively

( 699,663,184

Net addition (redemption) of ( 150,000 ), 1,500,000 , ( 500,000 ) and 1,250,000 shares, respectively

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

31 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

4 unchanged sentences

Unrealized appreciation on swap agreements

Due from counterparty

Receivable on open futures contracts

17 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

8 unchanged sentences

3.706 % due 09/10/26 †

3.770 % due 09/17/26 †

3.763 % due 09/24/26 †

Total short-term U.S.

11 unchanged sentences

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires June 2026

WTI Crude Oil - NYMEX, expires September 2026

WTI Crude Oil - NYMEX, expires December 2026

WTI Crude Oil - Need Exch, expires June 2027

WTI Crude Oil - NYMEX, expires June 2027

Total Return Swap Agreements ^

4 unchanged sentences

Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index

Swap agreement with Morgan Stanley & Co.

International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index

Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index

4 unchanged sentences

Represents 7-day

effective yield as of March 31, 2026.

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 March 31, 2026.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

8 unchanged sentences

Swap agreements

Short-term U.S.

government and agency obligations

Affiliated investments

4 unchanged sentences

Swap agreements

( 113,381,322

Short-term U.S.

2 unchanged sentences

Change in net unrealized appreciation (depreciation)

( 187,941,169

Net realized and unrealized gain (loss)

4 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

3 unchanged sentences

( 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

4 unchanged sentences

Change in net unrealized appreciation (depreciation)

( 187,941,169

Net income (loss)

3 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

14 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in due from counterparty

Decrease (Increase) in receivable on open futures contracts

11 unchanged sentences

( 382,424,726

( 105,825,726

Net increase (decrease) in cash

( 182,589,298

( 178,766,463

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

16 unchanged sentences

Total liabilities and shareholders’ equity

Shares outstanding

Net asset value per share

Market value per share (Note 2)

Shares outstanding (Note 1)

Net asset value per share (Note 1)

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

See accompanying notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

4 unchanged sentences

3.645 % due 08/06/26

3.806 % due 04/16/26

Total short-term U.S.

11 unchanged sentences

(Depreciation)/Value

Natural Gas - NYMEX, expires May 2026

Natural Gas - NYMEX, expires September 2026

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

Represents 7-day

effective yield as of March 31, 2026.

effective yield as of June 30, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

2 unchanged sentences

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

Swap agreements

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

2 unchanged sentences

Futures contracts

( 127,006,905

Short-term U.S.

2 unchanged sentences

Change in net unrealized appreciation (depreciation)

( 127,033,885

Net realized and unrealized gain (loss)

4 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

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

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

Addition of 18,475,000 , 6,575,000 , 45,225,000 and 9,225,000 shares, respectively (Note 1)

1,440,168,864

1,029,287,052

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

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)

( 382,880,396

( 147,594,144

Net investment income (loss)

1 unchanged sentence

Change in net unrealized appreciation (depreciation)

( 127,033,885

Net income (loss)

3 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

9 unchanged sentences

( 140,103,500

Proceeds from affiliated investments sold

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

11 unchanged sentences

Proceeds from addition of shares

1,468,355,214

Payment on shares redeemed

6 unchanged sentences

( 222,711,169

( 197,485,300

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 1,994,278 and $ – , respectively)

Segregated cash balances with brokers for foreign currency forward contracts

15 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 40 % of shareholders’ equity)

Treasury Bills^^:

3.656 % due 07/30/26 †

Total short-term U.S.

government and agency obligations

(cost $ 1,994,278 )

Foreign Currency Forward Contracts^

11 unchanged sentences

Euro with UBS AG

Total Unrealized Depreciation

The positions and counterparties herein are as of March 31, 2026.

Total Unrealized Appreciation

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.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

8 unchanged sentences

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Change in net unrealized appreciation (depreciation)

5 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

1 unchanged sentence

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

Purchases of short-term U.S.

government and agency obligations

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

government and agency obligations

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

government and agency obligations

Change in unrealized (appreciation) depreciation on investments

12 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

4 unchanged sentences

Unrealized appreciation on swap agreements

Receivable on open futures contracts

Due from counterparty

Receivable from capital shares sold

Receivable for dividends from affiliates

1 unchanged sentence

1,035,302,326

Liabilities and shareholders’ equity

8 unchanged sentences

1,014,686,941

Total liabilities and shareholders’ equity

1,035,302,326

Shares outstanding

4 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

19 unchanged sentences

(Depreciation)/Value

Gold Futures - COMEX, expires June 2026

1,041,456,360

Gold Futures - COMEX, expires August 2026

Total Return Swap Agreements ^

5 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Gold Subindex

Total Unrealized Appreciation

Total Unrealized Depreciation

1 unchanged sentence

Represents 7-day

effective yield as of March 31, 2026.

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 March 31, 2026.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

7 unchanged sentences

Futures contracts

( 124,752,536

Swap agreements

( 112,125,387

Short-term U.S.

government and agency obligations

Affiliated investments

1 unchanged sentence

Net realized gain (loss)

( 236,731,105

Change in net unrealized appreciation (depreciation) on

Futures contracts

( 115,273,537

Swap agreements

5 unchanged sentences

Net realized and unrealized gain (loss)

( 243,111,579

( 149,886,184

Net income (loss)

( 237,441,139

( 137,677,823

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

1,053,863,221

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

Redemption of 6,900,000 and 800,000 shares, respectively (Note 1)

1,014,686,941

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

Addition of 3,450,000 , 7,250,000 , 9,600,000 and 10,650,000 shares, respectively

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

( 236,117,405

Net investment income (loss)

Net realized gain (loss)

( 236,731,105

Change in net unrealized appreciation (depreciation)

1 unchanged sentence

Net income (loss)

Shareholders’ equity, end of period

( 237,441,139

( 137,677,823

Shareholders’ equity, end of period

See accompanying notes to financial statements.

1 unchanged sentence

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

Net income (loss)

( 137,677,823

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

13 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in due from counterparty

Decrease (Increase) in receivable on open futures contracts

9 unchanged sentences

( 823,811,480

( 290,457,542

Net cash provided by (used in) financing activities

( 243,909,834

Net increase (decrease) in cash

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

government and agency obligations (Note 3) (cost $ 939,733,563 and $ 967,111,002 , respectively)

1,011,915,551

Affiliated investments (cost $ 280,112,000 and $ – , respectively)

8 unchanged sentences

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

16 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

9 unchanged sentences

3.760 % due 09/24/26 †

3.677 % due 07/14/26 †

Total short-term U.S.

1 unchanged sentence

(cost $ 939,733,563 )

1,011,915,551

Affiliated Investments

9 unchanged sentences

(Depreciation)/Value

Silver Futures - COMEX, expires May 2026

1,368,770,130

Silver Futures - COMEX, expires September 2026

Total Return Swap Agreements ^

3 unchanged sentences

based on Bloomberg Silver Subindex

1,016,244,234

Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex

2 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Silver Subindex

( 129,195,651

Total Unrealized Appreciation

Total Unrealized Depreciation

( 132,065,295

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

Represents 7-day

effective yield as of March 31, 2026.

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 March 31, 2026.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

7 unchanged sentences

Futures contracts

( 298,925,767

( 125,830,415

Swap agreements

( 313,469,955

( 127,236,007

Short-term U.S.

3 unchanged sentences

Net realized gain (loss)

( 612,192,543

( 252,637,503

Change in net unrealized appreciation (depreciation) on

3 unchanged sentences

( 178,429,799

( 443,108,909

Short-term U.S.

3 unchanged sentences

( 198,181,181

( 917,573,769

Net realized and unrealized gain (loss)

( 810,373,724

( 1,170,211,272

Net income (loss)

( 799,097,288

( 1,148,776,433

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

1,852,945,623

2,237,285,267

Addition of 7,600,000 , 5,000,000 , 19,750,000 and 9,850,000 shares, respectively

3 unchanged sentences

( 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

1 unchanged sentence

Net realized gain (loss)

( 612,192,543

( 252,637,503

Change in net unrealized appreciation (depreciation)

( 198,181,181

( 917,573,769

Net income (loss)

( 799,097,288

( 1,148,776,433

Shareholders’ equity, end of period

1,269,873,944

See accompanying notes to financial statements.

1 unchanged sentence

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

9 unchanged sentences

3,972,231,875

1,264,975,424

Cost of affiliated investments purchased

5 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in securities sold receivable

Decrease (Increase) in receivable on open futures contracts

6 unchanged sentences

( 1,101,163,811

( 116,342,886

Cash flow from financing activities

7 unchanged sentences

( 827,810,019

( 131,433,506

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

22 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Affiliated Investments

3 unchanged sentences

(cost $ 50,020,000 )

Total Investments in Securities

(cost $50,020,000)

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires April 2026

VIX Futures - Cboe, expires May 2026

VIX Futures - Cboe, expires July 2026

VIX Futures - Cboe, expires August 2026

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

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

Represents 7-day

effective yield as of June 30, 2026.

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

2 unchanged sentences

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

( 192,491,371

( 116,494,011

Short-term U.S.

3 unchanged sentences

Net realized gain (loss)

( 192,467,810

( 116,442,087

Change in net unrealized appreciation (depreciation) on

5 unchanged sentences

Net realized and unrealized gain (loss)

( 249,331,633

Net income (loss)

( 248,507,361

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

Addition of 19,350,000 , 7,870,000 , 29,950,000 and 16,940,000 shares, respectively (Note 1)

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)

1 unchanged sentence

( 680,802,268

Net addition (redemption) of ( 5,500,000 ) and 20,000 shares, respectively (Note 1)

( 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)

Net investment income (loss)

Net realized gain (loss)

( 192,467,810

( 116,442,087

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 248,507,361

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

22 unchanged sentences

Proceeds from addition of shares

1,109,296,084

1,816,907,301

Payment on shares redeemed

2 unchanged sentences

Net cash provided by (used in) financing activities

( 270,754,431

Net increase (decrease) in cash

4 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

19 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

27 unchanged sentences

Yen with Goldman Sachs International

( 217,500,000

Yen with UBS AG

( 131,909,000

Total Unrealized Depreciation

Total Unrealized Appreciation

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

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

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 March 31, 2026.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

6 unchanged sentences

Foreign currency forward contracts

Affiliated investments

Payment from affiliate (Note 5)

12 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

3 unchanged sentences

government and agency obligations

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

government and agency obligations

Cost of affiliated investments purchased

Proceeds from affiliated investments sold

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

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

13 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

6 unchanged sentences

Interest receivable

1,011,948,221

Liabilities and shareholders’ equity

7 unchanged sentences

Total liabilities and shareholders’ equity

1,011,948,221

Shares outstanding

Net asset value per share

Market value per share (Note 2)

Shares outstanding (Note 1)

Net asset value per share (Note 1)

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

See accompanying notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

6 unchanged sentences

3.633 % due 08/06/26

3.773 % due 09/08/26

Total short-term U.S.

11 unchanged sentences

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires June 2026

WTI Crude Oil - NYMEX, expires September 2026

WTI Crude Oil - NYMEX, expires December 2026

1 unchanged sentence

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

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

Represents 7-day

effective yield as of June 30, 2026.

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

7 unchanged sentences

Futures contracts

( 233,450,154

( 330,310,811

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

Net realized gain (loss)

( 233,392,515

( 330,228,695

Change in net unrealized appreciation (depreciation) on

5 unchanged sentences

Net realized and unrealized gain (loss)

( 153,860,021

Net income (loss)

( 152,604,391

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

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

Addition of 44,587,500 , 2,475,000 , 78,462,500 and 5,000,000 shares, respectively (Note 1)

1,260,683,650

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

2,540,536,711

Redemption of 49,050,503 , 3,275,000 , 54,738,003 and 4,925,000 shares, respectively (Note 1)

( 1,470,380,795

Net addition (redemption) of 112,750,000 and 3,500,000 shares, respectively

( 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

Net investment income (loss)

Net realized gain (loss)

( 233,392,515

( 330,228,695

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 152,604,391

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

Net income (loss)

( 152,604,391

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

7 unchanged sentences

( 460,471,670

Proceeds from affiliated investments sold

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

16 unchanged sentences

Net cash provided by (used in) financing activities

1,034,401,346

Net increase (decrease) in cash

4 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

2 unchanged sentences

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

17 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 19 % of shareholders’ equity)

Treasury Bills ^^

3.717 % due 04/09/26

3.721 % due 04/30/26

Total short-term U.S.

government and agency obligations

(cost $ 39,946,662 )

JUNE 30, 2026

Affiliated Investments

8 unchanged sentences

(Depreciation)/Value

Natural Gas - NYMEX, expires May 2026

Natural Gas - NYMEX, expires September 2026

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

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

Rates shown represent discount rate at the time of purchase.

Represents 7-day

effective yield as of June 30, 2026.

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

2 unchanged sentences

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

( 221,827,712

Short-term U.S.

3 unchanged sentences

Net realized gain (loss)

( 221,827,712

Change in net unrealized appreciation (depreciation) on

5 unchanged sentences

Net realized and unrealized gain (loss)

( 236,425,749

Net income (loss)

( 233,620,058

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

5 unchanged sentences

( 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

( 498,530,462

( 201,941,477

Net investment income (loss)

Net realized gain (loss)

( 221,827,712

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 233,620,058

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

Net income (loss)

( 233,620,058

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

18 unchanged sentences

Net cash provided by (used in) operating activities

( 554,254,845

Cash flow from financing activities

13 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

December 31, 2025

20 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

29 unchanged sentences

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

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

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 March 31, 2026.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

6 unchanged sentences

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Payment from affiliate (Note 5)

12 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

3 unchanged sentences

government and agency obligations

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

government and agency obligations

Cost of affiliated investments purchased

1 unchanged sentence

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

13 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

December 31, 2025

5 unchanged sentences

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Receivable on open futures contracts

16 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

17 unchanged sentences

(Depreciation)/Value

Gold Futures - COMEX, expires June 2026

Gold Futures - COMEX, expires August 2026

Total Return Swap Agreements ^

5 unchanged sentences

Total Unrealized Appreciation

Total Unrealized Depreciation

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

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

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 March 31, 2026.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

24 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

2 unchanged sentences

( 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)

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

3 unchanged sentences

government and agency obligations

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

government and agency obligations

Cost of affiliated investments purchased

14 unchanged sentences

( 247,488,410

( 252,430,165

Net cash provided by (used in) financing activities

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

December 31, 2025

Short-term U.S.

6 unchanged sentences

Receivable on open futures contracts

Receivable for dividends from affiliates

Interest receivable

4 unchanged sentences

Unrealized depreciation on swap agreements

Securities purchased payable

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

18 unchanged sentences

(Depreciation)/Value

Silver Futures - COMEX, expires May 2026

Silver Futures - COMEX, expires September 2026

Total Return Swap Agreements ^

4 unchanged sentences

Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex

Swap agreement with Morgan Stanley & Co.

International PLC based on Bloomberg Silver Subindex

Swap agreement with UBS AG based on Bloomberg Silver Subindex

2 unchanged sentences

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

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

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 March 31, 2026.

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.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

8 unchanged sentences

Swap agreements

Short-term U.S.

government and agency obligations

Affiliated investments

14 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

3 unchanged sentences

( 325,401,961

( 1,538,064,172

Net addition (redemption) of ( 3,200,000 ), 25,000 , ( 710,208 ) and 80,000 shares, respectively (Note 1)

( 137,418,823

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

3 unchanged sentences

government and agency obligations

( 124,000,489

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

government and agency obligations

Cost of affiliated investments purchased

6 unchanged sentences

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in receivable for dividends from affiliates

Decrease (Increase) in interest receivable

1 unchanged sentence

Increase (Decrease) in payable on open futures contracts

Increase (Decrease) in securities purchased payable

Net cash provided by (used in) operating activities

13 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

December 31, 2025

June 30, 2026

Short-term U.S.

19 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

21 unchanged sentences

Contracts to Purchase

Yen with Goldman Sachs International

Yen with UBS AG

1,298,109,000

Total Unrealized Depreciation

6 unchanged sentences

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

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

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 March 31, 2026.

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.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

6 unchanged sentences

Foreign currency forward contracts

Short-term U.S.

government and agency obligations

Payment from affiliate (Note 5)

12 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

3 unchanged sentences

government and agency obligations

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

government and agency obligations

Cost of affiliated investments purchased

1 unchanged sentence

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

11 unchanged sentences

See accompanying notes to financial statements.

PROSHARES VIX MID-TERM FUTURES ETF

PROSHARES VIX MID-TERM

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

December 31, 2025

June 30, 2026

Short-term U.S.

19 unchanged sentences

See accompanying notes to financial statements.

PROSHARES VIX MID-TERM FUTURES ETF

PROSHARES VIX MID-TERM

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

JUNE 30, 2026

Principal Amount

17 unchanged sentences

(Depreciation)/Value

VIX Futures - Cboe, expires July 2026

VIX Futures - Cboe, expires August 2026

VIX Futures - Cboe, expires September 2026

VIX Futures - Cboe, expires October 2026

VIX Futures - Cboe, expires November 2026

VIX Futures - Cboe, expires December 2026

VIX Futures - Cboe, expires January 2027

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

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

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.

PROSHARES VIX MID-TERM FUTURES ETF

PROSHARES VIX MID-TERM

STATEMENTS OF OPERATIONS

Three Months Ended

Six Months Ended

Investment Income

2 unchanged sentences

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

Short-term U.S.

government and agency obligations

Affiliated investments

Payment from affiliate (Note 5)

9 unchanged sentences

See accompanying notes to financial statements.

PROSHARES VIX MID-TERM FUTURES ETF

PROSHARES VIX MID-TERM

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

8 unchanged sentences

See accompanying notes to financial statements.

PROSHARES VIX MID-TERM FUTURES ETF

PROSHARES VIX MID-TERM

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

3 unchanged sentences

government and agency obligations

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

government and agency obligations

Cost of affiliated investments purchased

Proceeds from affiliated investments sold

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

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

16 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

June 30, 2026

Short-term U.S.

2 unchanged sentences

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

17 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

Principal Amount

Short-term U.S.

government and agency obligations

( 12 % of shareholders’ equity)

Treasury Bills ^^

3.717 % due 04/09/26

Total short-term U.S.

government and agency obligations

(cost $ 19,983,882 )

JUNE 30, 2026

Affiliated Investments

3 unchanged sentences

(cost $ 65,037,250 )

Total Investments in Securities

(cost $ 90,011,882 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires April 2026

VIX Futures - Cboe, expires May 2026

VIX Futures - Cboe, expires July 2026

VIX Futures - Cboe, expires August 2026

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

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

Rates shown represent discount rate at the time of purchase.

Represents 7-day

effective yield as of June 30, 2026.

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

2 unchanged sentences

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

Short-term U.S.

government and agency obligations

Affiliated investments

13 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

3 unchanged sentences

( 211,703,457

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

( 365,733,482

Net addition (redemption) of 4,275,000 , 275,000 , 500,000 and 550,000 shares, respectively

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

7 unchanged sentences

Cost of affiliated investments purchased

( 110,070,000

Proceeds from affiliated investments sold

16 unchanged sentences

Net cash provided by (used in) financing activities

( 123,776,297

Net increase (decrease) in cash

3 unchanged sentences

PROSHARES TRUST II

COMBINED STATEMENTS OF FINANCIAL CONDITION

March 31, 2026

COMBINED STATEMENTS OF FINANCIAL CONDITI ON

June 30, 2026

December 31, 2025

8 unchanged sentences

1,057,966,488

Segregated cash balances with brokers for foreign currency forward contracts

2 unchanged sentences

Unrealized appreciation on foreign currency forward contracts

Due from counterparty

Receivable from capital shares sold

11 unchanged sentences

Unrealized depreciation on foreign currency forward contracts

Securities Purchased Payable

Total liabilities

8 unchanged sentences

Shares outstanding

(Note 1) (Note 2)

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

8 unchanged sentences

Futures contracts

( 777,247,902

( 222,976,007

Swap agreements

( 318,604,869

Foreign currency forward contracts

8 unchanged sentences

( 165,477,989

( 140,194,370

( 104,237,226

Swap agreements

( 328,285,016

( 553,662,898

Foreign currency forward contracts

4 unchanged sentences

( 139,515,325

( 256,039,064

( 692,782,517

Net realized and unrealized gain (loss)

( 1,235,004,165

( 783,532,441

Net income (loss)

( 1,201,933,021

( 723,921,873

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

1 unchanged sentence

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)

1 unchanged sentence

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)

1 unchanged sentence

( 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

( 435,320,472

Net investment income (loss)

3 unchanged sentences

( 139,515,325

( 256,039,064

( 692,782,517

Net income (loss)

( 1,201,933,021

( 723,921,873

Shareholders’ equity, end of period

1 unchanged sentence

3,651,955,802

4,564,826,984

3,651,955,802

See accompanying notes to financial statements.

1 unchanged sentence

COMBINED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

Net income (loss)

( 723,921,873

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

10 unchanged sentences

Proceeds from affiliated investments sold

1,911,600,040

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

2 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in securities sold receivable

Decrease (Increase) in due from counterparty

Decrease (Increase) in receivable on futures contracts

5 unchanged sentences

( 199,861,397

Increase (Decrease) payable on securities purchased

Net cash provided by (used in) operating activities

( 1,503,706,678

( 718,901,586

Cash flow from financing activities

6 unchanged sentences

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 378,329,313

Net increase (decrease) in cash

( 1,882,035,991

8 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

March 31, 2026

June 30, 2026

NOTE 1 - ORGANIZATION

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

As of March 31, 2026, the following sixteen series of the Trust have commenced investment operations:

(i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”);

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”);

12 unchanged sentences

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.

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

2 unchanged sentences

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.

Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x,

1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly.

Share Splits and Reverse Share Splits

The table below includes forward and reverse Share splits for the Funds during the three months ended March 31, 2026, and during the year ended December 31, 2025.

The 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.

5 unchanged sentences

June 12, 2025

4-for-1 forward Share split

forward Share split

June 13, 2025

1 unchanged sentence

June 12, 2025

1-for-2 reverse Share split

reverse Share split

June 13, 2025

1 unchanged sentence

November 19, 2025

1-for-2 reverse Share split

reverse Share split

November 20, 2025

1 unchanged sentence

November 19, 2025

1-for-5 reverse Share split

reverse Share split

November 20, 2025

1 unchanged sentence

February 26, 2026

1-for-10 reverse Share split

reverse Share split

February 27, 2026

ProShares Ultra Bloomberg Natural Gas

reverse Share split

ProShares UltraShort Bloomberg Crude Oil

reverse Share split

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.

6 unchanged sentences

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.

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”).

1 unchanged sentence

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.

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

9 unchanged sentences

Statements of Cash Flows

The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated March 31, 2026 and 2025, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments.

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 three months ended March 31, 2026 were typically as follows.

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:

3 unchanged sentences

Ultra Silver and UltraShort Silver

March 31, 2026

June 30, 2026

Ultra Gold and UltraShort Gold

March 31, 2026

June 30, 2026

Ultra Bloomberg Crude Oil

March 31, 2026

June 30, 2026

Ultra Bloomberg Natural Gas

March 31, 2026

June 30, 2026

UltraShort Bloomberg Crude Oil

March 31, 2026

June 30, 2026

UltraShort Bloomberg Natural Gas

March 31, 2026

Ultra Euro, Ultra Yen, Ultrashort Euro and Ultrashort Yen

March 31, 2026

June 30, 2026

Ultra Euro, Ultra Yen, Ultrashort Euro

June 30, 2026

and Ultrashort Yen

Short VIX Short-Term Futures ETF

March 31, 2026

June 30, 2026

Ultra VIX Short-Term Futures ETF

March 31, 2026

VIX Mid-Term Futures ETF

March 31, 2026

June 30, 2026

VIX Short-Term Futures ETF

March 31, 2026

Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended March 31, 2026.

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 three months ended March 31, 2026.

Investment Valuation

10 unchanged sentences

The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position.

Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards.

Such fair value prices would generally be

determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards.

The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted.

18 unchanged sentences

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

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

The following table summarizes the valuation of investments at June 30, 2026 using the fair value hierarchy:

Level I - Quoted Prices

19 unchanged sentences

ProShares UltraShort Yen

ProShares VIX Mid-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

3 unchanged sentences

( 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 quarter ended March 31, 2026.

There were no transfers into or out of Level 3 for the period ended June 30, 2026.

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

20 unchanged sentences

ProShares UltraShort Yen

ProShares VIX Mid-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

4 unchanged sentences

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no transfers into or out of Level 3 for the fiscal year ended December 31, 2025.

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.

6 unchanged sentences

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.

Dividend income is recognized on an ex-dividend

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.

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.

10 unchanged sentences

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

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.

analysis of tax law, regulation, and interpretations thereof.

Segment Reporting

20 unchanged sentences

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

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

As of June 30, 2026 and December 31, 2025, the Funds did not have any open repurchase agreements.

Accounting for Derivative Instruments

47 unchanged sentences

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.

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.

2 unchanged sentences

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.

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.

20 unchanged sentences

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

All of the outstanding swap agreements at March 31, 2026 contractually terminate within one month but may be terminated without penalty by either party at any time.

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.

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.

6 unchanged sentences

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

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

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.

A Fund will typically enter into swap agreements with major global financial institutions.

The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor.

In addition, cleared derivative transactions benefit from daily marking-to-market

and settlement, and segregation and minimum capital requirements applicable to intermediaries.

Forward Contracts

6 unchanged sentences

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.

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.

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.

6 unchanged sentences

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

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

As of June 30, 2026, the collateral posted by counterparties consisted of cash and/or U.S.

Treasury securities.

4 unchanged sentences

In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

In addition, cleared derivative transactions benefit from daily marking-to-market

and settlement, and segregation and minimum capital requirements applicable to intermediaries.

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

Fair Value of Derivative Instruments as of March 31, 2026

Fair Value of Derivative Instruments as of June 30, 2026

Asset Derivatives

11 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

34 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

21 unchanged sentences

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended March 31, 2026

For the three months ended June 30, 2026

Derivatives Not Accounted

11 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term Futures ETF

( 192,491,371

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

2 unchanged sentences

ProShares Ultra Bloomberg Crude Oil

( 187,993,469

ProShares Ultra Bloomberg Natural Gas

3 unchanged sentences

( 612,395,722

( 198,143,507

ProShares UltraShort Bloomberg Crude Oil

( 233,450,154

ProShares UltraShort Bloomberg Natural Gas

11 unchanged sentences

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended March 31, 2025

For the six months ended June 30, 2026

Derivatives Not Accounted

5 unchanged sentences

Recognized in

(Depreciation) on

(Depreciation)

Recognized in

VIX Futures Contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on

futures contracts

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term Futures ETF

( 116,494,011

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

4 unchanged sentences

ProShares Ultra Gold

( 141,939,756

ProShares Ultra Silver

( 253,066,422

( 917,463,926

ProShares UltraShort Bloomberg Crude Oil

( 330,310,811

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Gold

ProShares UltraShort Silver

Foreign Exchange Contracts

Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts

ProShares Ultra Euro

ProShares Ultra Yen

ProShares UltraShort Euro

ProShares UltraShort Yen

Combined Trust:

( 692,458,825

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

Realized Gain

Recognized in

(Depreciation)

Recognized in

VIX Futures Contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

Commodities Contracts

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

ProShares Ultra Bloomberg Crude Oil

ProShares Ultra Bloomberg Natural Gas

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Gold

7 unchanged sentences

Combined Trust

( 256,052,072

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

Realized Gain

Recognized in

(Depreciation)

Recognized in

VIX Futures Contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on

futures contracts

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

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

ProShares Ultra Bloomberg Natural Gas

( 127,006,905

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Gold

ProShares UltraShort Silver

Foreign Exchange Contracts

Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts

ProShares Ultra Euro

ProShares Ultra Yen

ProShares UltraShort Euro

ProShares UltraShort Yen

Combined Trust:

Offsetting Assets and Liabilities

5 unchanged sentences

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

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of March 31, 2026.

Fair Values of Derivative Instruments as of March 31, 2026

Fair Values of Derivative Instruments as of June 30, 2026

Gross Amounts

35 unchanged sentences

Foreign currency forward contracts

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at March 31, 2026.

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 Derivative Instruments”.

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

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”.

Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 2026

Amounts of Recognized Assets /

10 unchanged sentences

Goldman Sachs International

Morgan Stanley

Societe Generale S.A.

Societe Generale

ProShares Ultra Euro

6 unchanged sentences

Goldman Sachs International

Morgan Stanley

Morgan Stanley & Co.

International PLC

ProShares Ultra Yen

8 unchanged sentences

Goldman Sachs International

Morgan Stanley

ProShares UltraShort Yen

Goldman Sachs International

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:

Fair Values of Derivative Instruments as of December 31, 2025

38 unchanged sentences

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”

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2025

48 unchanged sentences

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.

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

22 unchanged sentences

The Affiliated Fund is used primarily for cash management and liquidity.

Income from the Affiliated Fund is presented as “Dividends from affiliates” in the Statements of Operations, with any related receivable included in “Dividends from affiliates receivable” in the Statements of Financial Condition.

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 period ended March 31, 2026.

The following table summarizes each Fund’s investment activity in the Affiliated Fund for the three and six months ended 30 June, 2026.

Proceeds from

3 unchanged sentences

ProShares Ultra Bloomberg Crude Oil

( 160,117,232

ProShares Ultra Bloomberg Natural Gas

4 unchanged sentences

ProShares Ultra VIX Short-Term Futures ETF

( 125,095,423

ProShares Ultra Yen

ProShares UltraShort Bloomberg Crude Oil

( 160,144,701

ProShares UltraShort Bloomberg Natural Gas

2 unchanged sentences

ProShares UltraShort Silver

ProShares UltraShort Yen

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

ProShares Trust II:

1,809,191,600

( 1,080,825,590

1,258,857,300

Proceeds from

(Depreciation)

Investments in Affiliated Money Market Funds:

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra Bloomberg Crude Oil

( 180,127,232

ProShares Ultra Bloomberg Natural Gas

ProShares Ultra Gold

( 340,294,902

ProShares Ultra Silver

1,000,582,250

( 720,634,299

ProShares Ultra VIX Short-Term Futures ETF

( 175,146,223

ProShares Ultra Yen

ProShares UltraShort Bloomberg Crude Oil

( 160,144,701

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraShort Euro

ProShares UltraShort Gold

ProShares UltraShort Silver

( 120,093,788

ProShares UltraShort Yen

ProShares VIX Mid-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

21 unchanged sentences

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

Transaction fees three months ended March 31, 2026 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:

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

March 31, 2026

Six Months Ended

June 30, 2026

ProShares Short VIX Short-Term Futures ETF

12 unchanged sentences

ProShares UltraShort Yen

ProShares VIX Mid-Term Futures ETF

ProShares VIX Mid-Term

ProShares VIX Short-Term Futures ETF

1 unchanged sentence

NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the three months ended March 31, 2026

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

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

Net asset value, at December 31, 2025

Net asset value, at March 31, 2026

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2026

Market value per share, at March 31, 2026 †

Market value per share, at June 30, 2026 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

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.

For the Three Months Ended June 30, 2026 (unaudited)

Per Share Operating Performance

Net asset value, at March 31, 2026

Market value per share, at December 31, 2025 †

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2026

Market value per share, at March 31, 2026 †

Market value per share, at June 30, 2026 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

Percentages are not annualized for the period ended March 31, 2026.

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.

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

For the Three Months Ended June 30, 2026 (unaudited)

Per Share Operating Performance

Net asset value, at December 31, 2025

Net asset value, at March 31, 2026

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2026

Market value per share, at March 31, 2026 †

Market value per share, at June 30, 2026 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

Percentages are annualized.

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

Percentages are not annualized for the period ended 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.

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

Natural Gas *

Net asset value, at March 31, 2025

Market value per share, at December 31, 2025 †

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

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

Percentages are not annualized for the period ended March 31, 2026.

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.

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

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

Per Share Operating Performance

Net asset value, at December 31, 2025

Net asset value, at March 31, 2025

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

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

Percentages are not annualized for the period ended 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.

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

Per Share Operating Performance

Net asset value, at March 31, 2025

Market value per share, at December 31, 2025 †

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

7 unchanged sentences

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

Percentages are not annualized for the period ended March 31, 2026.

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.

Selected Data for a Share Outstanding Throughout the Three months Ended March 31, 2025

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

S elected Data for a Share Outstanding Throughout the six months Ended June

For the Six Months Ended June 30, 2026 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at March 31, 2025

Net asset value, at June 30, 2026

Market value per share, at December 31, 2025 †

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2026 †

Total Return, at net asset value^

7 unchanged sentences

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

Percentages are not annualized for the period ended March 31, 2025.

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.

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

For the Six Months Ended June 30, 2026 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at March 31, 2025

Net asset value, at June 30, 2026

Market value per share, at December 31, 2025 †

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2026 †

Total Return, at net asset value^

7 unchanged sentences

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

Percentages are not annualized for the period ended March 31, 2025.

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.

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

For the Six Months Ended June 30, 2026 (unaudited)

Per Share Operating Performance

3 unchanged sentences

Change in net asset value from operations

Net asset value, at March 31, 2025

Net asset value, at June 30, 2026

Market value per share, at December 31, 2025 †

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2026 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

Percentages are annualized.

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

Percentages are not annualized for the period ended 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.

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

Natural Gas *

Net asset value, at December 31, 2024

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

2 unchanged sentences

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

Percentages are not annualized for the period ended March 31, 2025.

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.

For the Six Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Futures ETF *

Net asset value, at December 31, 2024

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

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

Percentages are not annualized for the period ended 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.

For the Six Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Net asset value, at December 31, 2024

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

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

Percentages are not annualized for the period ended 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.

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”).

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.

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.

16 unchanged sentences

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.

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.

8 unchanged sentences

(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;

spreads on such Financial Instruments;

(4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs;

16 unchanged sentences

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.

Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x,

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.

11 unchanged sentences

Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place.

The CFTC requirements include rules for some of the types of derivatives transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps.

The CFTC requirements include rules for some of the types of derivatives

transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps.

Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements.

19 unchanged sentences

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.

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.

16 unchanged sentences

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.

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

34 unchanged sentences

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.

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.

26 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements